Touchstone Exploration announces that, further to the Company's news release on March 4, 2024, Touchstone Exploration (Trinidad) Ltd., their wholly owned Trinidadian subsidiary, has entered into the third amended and restated loan agreement with our Trinidad based lender.

The Amended Loan Agreement provides for an additional $10 million five-year non-revolving term loan facility and an increase to our existing revolving loan facility borrowing capacity from $7 million to $10 million under the terms previously announced.

As a result, Touchstone's credit facilities currently consist of their unchanged seven-year term loan facility, the new five-year $10 million non-revolving term loan facility, and the increased $10 million revolving loan facility. The existing seven-year non-revolving term loan facility has a current principal balance of $19.5 million, with thirteen equal and consecutive quarterly principal payments of $1.5 million outstanding through to the June 15, 2027 maturity date. Touchstone have $7 million drawn on their revolving loan facility, resulting in an aggregate $26.5 million in bank debt principal currently outstanding.

Touchstone intend to fully draw the new $10 million non-revolving term loan facility to finance their 2024 capital program and expect to use the additional revolving loan facility credit capacity for general working capital purposes on an as needed basis.

KeyFacts Energy Touchstone Exploration Trinidad and Tobago country profile   l   KeyFacts Energy: Finance news