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.