Touchstone has raised £6.32 million through a placing of 57.5 million shares at 11 pence each, with a further £0.68 million retail offer set to follow. This funding package supports two critical priorities: a new development well in the Central block and the installation of a compressor at Cascadura, one of its most valuable long-term assets.
Importantly, this raise does more than just fund operations, it resets the capital structure. The placing addresses the final equity condition of the company’s loan agreement with Republic Bank, removing a key source of uncertainty. Strategic investor Purebond Limited is also taking a meaningful position and securing board representation, bringing both capital and alignment as the company enters a delivery-heavy phase.
Operational guidance for 2025 has been adjusted to reflect this new roadmap. Average production is expected between 4,700 and 5,300 boe/d, with projected funds flow of US$6 million. These figures are lower than previously guided, but they reflect a deliberate focus on execution rather than expansion. Capital expenditure remains committed at US$26 million, and year-end net debt is expected at approximately US$65 million, a manageable figure given the development stage and asset profile.
Touchstone Exploration Inc (LON:TXP) is a Canadian-based, international upstream oil and gas company currently active in the Republic of Trinidad and Tobago. Primera Oil and Gas is the Trinidadian subsidiary of Touchstone.
