Touchstone Exploration Inc (AIM:TXP, TSX:TXP, OTC:PBEGF) has received a five-year extension of the exploration and production licence for the Ortoire block in Trinidad.
As part of the extension, to July 31, 2026, Touchstone is required to drill three exploration wells to minimum depths of 6,000 true vertical feet prior to the end of the amended licence term.
The three exploration wells are in addition to the five previous wells drilled to date on the property.
Touchstone will be responsible for 100% of the drilling, completion and testing costs for the three additional exploration wells with development expenditure split on a pro-rata basis.
The company has an 80% operating working interest in the licence with Heritage Petroleum holding the remaining 20%.
Paul Baay, Touchstone’s chief executive, added: "The formal approval of Ortoire licence extension provides us with a unique opportunity to design and implement an expanded exploration program to fully evaluate our internally identified prospects on the acreage.
“The extension also allows us the ability to have a multi-faceted future drilling program, including development drilling at Cascadura, Royston and Coho as well as further exploration prospects on the licence.
“Touchstone has proven that Ortoire is a resource-rich property, and we are excited to explore further prospects to potentially feed into our current infrastructure currently in construction.”