Touchstone raises cash for further exploration

Trinidad-focused oil and gas producer Touchstone Exploration Inc (LON: TXP) is raising at least $9.1m (£7m) at 38p a share in order to invest in the Ortoire exploration programme.

This is no surprise. The increased share price makes it sensible for the company to take advantage of a less dilutive share issue than in the past. In February 2019, £3.8m was raised at 12p a share.

The amount raised could be increased if there is enough demand.

The cash will finance a well at the Chinook pros...

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Andrew Hore is the publisher of AIM Journal, which is an online monthly publication covering the Alternative Investment Market.