Touchstone Exploration Announces Private Placement and Acquisition Financing Update

Touchstone Exploration Inc., a company involved in oil and gas exploration, has raised £15.375 million through a private placement. This transaction includes the issuance of 75 million new common shares and involves institutional and other investors in the UK. The new shares will represent approximately 24.1% of the enlarged share capital post-placement. The funds are intended to support the drilling and completion of specific wells and provide additional working capital.

In parallel, Touchstone has signed a term sheet with Republic Bank Limited in Trinidad to finance the acquisition of Shell Trinidad Central Block Limited. The acquisition is expected to close in the second quarter of 2025. The financing involves a $30 million non-revolving term loan to partially support this transaction.

This acquisition will give Touchstone a significant share in Trinidad’s Central block, enhancing its production capacity. The company’s strategy includes optimizing four existing wells and drilling additional wells to boost production. Adjustments in the 2025 capital budget have been made to accommodate these developments.