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(Alliance News) - Touchstone Exploration Inc on Thursday said it raised USD11.6 million, around GBP9 million, through the placing of 22.5 million shares at 40 pence each.
The stock was trading 3.2% higher at 45.40 pence each in London.
On Wednesday, the oil & gas company said it intended to raise a minimum of USD9.1 million, around GBP7 million, through a share placing by way of an accelerated bookbuild.
The company said that proceeds of the placing will be used to be used to support the drilling of a further Ortoire exploration well and to complete the second stage of the Cascadura-1ST1 production test. The Cascadura-1ST1 well is located on the Ortoire exploration block, onshore Trinidad & Tobago. Touchstone is the operator and owns 80% working interest and Heritage Petroleum Co Ltd owns remaining 20% working interest.
Earlier in February, Touchstone said that the first stage of flowback testing at the Cascadura-1ST1 well confirmed the well as a significant liquids-rich natural gas discovery.
"The results of the first two wells drilled at Ortoire have exceeded our expectations, and as a result the board has decided to complete the placing in order to accelerate exploration drilling on the property", said Chief Executive Paul Baay.
Following admission of the placing shares, Touchstone's issued share capital will comprise 183.2 million shares.
Shareholder North Energy ASA subscribed for 3.8 million of the placing shares. Following admission, it will hold around 18 million shares, representing 9.8% of Touchstone's share capital.
By Ife Taiwo; ifetaiwo@alliancenews.com
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