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Touchstone Exploration extends lease operatorship agreements

The oil and gas group has extended the LOAs with Heritage Petroleum to March 31, 2021, from their previous expiration date of December 31, 2020

Touchstone Exploration Inc - Touchstone Exploration extends lease operatorship agreements

Touchstone Exploration Inc (LON:TXP) said it has extended the term of its lease operatorship agreements (LOAs) with Heritage Petroleum Company Limited for its Coora-1, Coora-2, WD-4 and WD-8 blocks in Trinidad & Tobago to March 31, 2021.

WATCH: Touchstone Exploration signs 'biggest deal ever' worth up to $2.2bln

The AIM-listed oil and gas firm added that the LOAs, which were initially due to expire on December 31, 2020, have been extended under the existing terms and conditions while the two firms continue to progress negotiations regarding new 10-year LOAs for each property.

Shares in Touchstone jumped 0.7% to 127.4p in early deals on Wednesday.

Quick facts: Touchstone Exploration Inc

Price: 150 GBX

AIM:TXP
Market: AIM
Market Cap: £313.05 m
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