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Touchstone Exploration bumps up loan facility for second exploration well

Cascadura-1, the second well, is anticipated to reach total depth in mid-November.

Touchstone Exploration Inc -
Touchstone has moved in a service rig to Coho-1 to commence production testing.

Touchstone Exploration Inc (LON:TXP) has boosted its long-term credit facility by C$5mln to C$20mln to fund the second exploration well on its Ortoire concession in Trinidad and Tobago.

The 8% fixed interest rate on the facility remains unchanged though the Production Payment Agreement rises to 1.33% of petroleum sales from 1% previously. 

Touchstone is currently drilling Cascadura-1, the second well, which is anticipated to reach total depth in mid-November.

In addition, Touchstone has moved in a service rig to Coho-1 to commence production testing.

Coho-1 was spudded in August and reached target depth in September.

Test results are expected to be available in mid-November.

Quick facts: Touchstone Exploration Inc

Price: 14 GBX

AIM:TXP
Market: AIM
Market Cap: £22.5 m
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