(Alliance News) - Touchstone Exploration Inc on Wednesday said it intends to raise a minimum of USD9.1 million, around GBP7 million, through a share placing by way of an accelerated bookbuild.
The stock closed 9.3% down at 44.00 pence each on Wednesday in London.
The oil & gas company, which also is listed on the Toronto Stock Exchange, said it will issue shares at a minimum price of 38p each with the proceeds 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.
Shore Capital is acting as sole bookrunner in relation to the share bookbuild.
By Ife Taiwo; ifetaiwo@alliancenews.com
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Touchstone Exploration (TXP)