Read the Beforeitsnews.com story here. Advertise at Before It's News here.
Profile image
By Streetwise-The Energy Report (Reporter)
Contributor profile | More stories
Story Views
Now:
Last Hour:
Last 24 Hours:
Total:

Oil & Gas Company Increases Credit Term Facility to Fund Second Well

% of readers think this story is Fact. Add your two cents.


Source: Streetwise Reports   11/13/2019

The terms and the reason are presented in a Mackie Research Capital Corp. report.

In a Nov. 1 research note, Mackie Research Capital Corp. analyst Bill Newman reported that Touchstone Exploration Inc. (TXP:TSX; PBEGF:OTC.MKTS) increased its term credit facility to $20 million from $5 million to fund drilling of a second exploration well in the Republic of Trinidad and Tobago.

Under the terms, Touchstone will keep paying, on a quarterly basis, 8% per year interest. Also, it will begin paying the principal on Jan. 1, 2021, of $1.1 million per quarter with the full amount due by the facility’s maturity date, Nov. 23, 2023.

Another change, Newman relayed, was an increase of the royalty payable on future production to 1.33% per from 1%, payable quarterly through Oct. 31, 2023.

Newman noted that Cascadura-1, the second of Touchstone’s ‘four exploration wells, is currently being drilled. Initial results are expected in mid-November as are production test results from Coho-1, the first well of the quartet. “If the Coho-1 well is successful, it has a relatively short tie-in distance of about 3.5 kilometers,” added Newman.

Mackie has a Speculative Buy recommendation and a CA$0.50 target price on Touchstone. This reflects a 133% projected return as the company’s current share price is around CA$0.22.

Sign up for our FREE newsletter at: www.streetwisereports.com/get-news

Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

Disclosures from Mackie Research, Touchstone Exploration Inc., Update, November 1, 2019

RELEVANT DISCLOSURES APPLICABLE TO COMPANIES UNDER COVERAGE
Relevant disclosures required under Rule 3400 applicable to companies under coverage discussed in this research report are available on our web site at www.mackieresearch.com. 1. None Applicable for this Issuer

ANALYST CERTIFICATION
Each analyst of Mackie Research Capital Corporation whose name appears in this report hereby certifies that (i) the recommendations and opinions expressed in this research report accurately reflect the analyst’s personal views and (ii) no part of the research analyst’s compensation was or will be directly or indirectly related to the specific conclusions or recommendations expressed in this research report.

Mackie Research Capital Corporation, its directors, officers and other employees may, from time to time, have positions in the securities mentioned herein.

( Companies Mentioned: TXP:TSX; PBEGF:OTC.MKTS, )



Source: https://www.streetwisereports.com/article/2019/11/13/oil-gas-company-increases-credit-term-facility-to-fund-second-well.html
Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!

Join our affiliate program and earn extra money by sharing with friends and family or by posting on your social media.

Order by Phone at 888-809-8385 or online at www.mitocopper.com


Get our Free Ebook, "Suppressed Health Secrets"  with  Natural Cures THEY don't want you to know!

APeX - Far superior to colloidal silver! Destroys Viruses, Bacteria, Pathogens with Oxygen plus Silver!

Supreme Fulvic - Nature's most important supplement! Vivid Dreams again!

Ultimate Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser!  Cleans out toxic buildup with oxygen! 
Organic Hemp Extract (CBD) - Full Spectrum high CBD (3300mg) hemp extract eases stiff joints, relieves stress and more!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover -  Reduces Smart Meter radiation by 96%!  (See Video)


FINAL WARNING!  Diseases are EXPLODING!  Watch this Video about APeX and You'll THROW AWAY Your Colloidal Silver!  APeX destroys Viruses, Bacteria and other Pathogens with the power of Oxygen PLUS Silver!  Nobody else has a product like THIS!   See why the inventor hasn't been sick in 16 years and why you'll never hear about it on the FAKE NEWS!  Get some now and tell your friends about it too so we can reach more people!  


APeX Interview - Superior to Colloidal Silver from Lee Canady on Vimeo.


Learn about APeX Here and Get the 50 Page Report in PDF format.   Call us at 888-809-8385 to order by phone.



Report abuse
Loading...
Loading...

Comments

Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Total 1 comment
  • Zeropointenergy

    Zeropointenergy

    FLEET OF (UFO) INVISIBLE FLYING CRAFTS caught on Google Earth of the …

    https://www.youtube.com/watch?v=A628rhDyHRs

    FLEET OF (UFO) INVISIBLE FLYING CRAFTS caught on Google Earth of the coast of Florida. FLEET OF (UFO) INVISIBLE FLYING CRAFTS caught on Google Earth of the coast of Florida. :arrow: we do not need oil or gas!

MOST RECENT
Loading...
Load more ...

SignUp

Login

Newsletter

Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.