Touchstone Exploration Inc

TXP · AIM · Energy · mcap £39m · 10.2p 3 open situations →

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2026 Cascadura development and compression Equity raise and loan covenant Purebond Limited towards control 1 director buying

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Project milestones◷ in 7 days

Cascadura development and compression

Cleanout failed; Karamat completion planned October

CR-3 went onstream on 28 March at about 2.2 MMcf/d with an inflow restriction. The coiled tubing cleanout and acid stimulation was completed in August and early September (update of 14 Sep 2026) but gave only a limited response and did not cure the drilling damage. The company now plans an uphole Karamat completion in October 2026.

Constraint: Sole local coiled tubing provider fixing mechanical issues and sourcing parts 28 May 2026 ↗
Possible deferral: Until the Atlantic LNG maintenance window ends, 19 July 2026 28 May 2026 ↗
Next milestone: Karamat sands completion program targeted for October 2026 14 Sep 2026 ↗
Equipment: Local provider resolved mechanical issues; unit is function testing 14 Aug 2026 ↗
Train 4 outage: Planned maintenance ran 26 May to 3 August 2026 14 Sep 2026 ↗
Cleanout result: Coiled tubing cleanout and acid stimulation completed Aug/early Sep 2026; limited production response 14 Sep 2026 ↗

Next: Karamat sands completion program at CR-3 · 31 Oct 2026

14 Sep 2026 Cleanout failed; Karamat completion planned October
14 Aug 2026 Compressor in service since 9 July 2026
28 May 2026 Installation progressing; commissioning June 2026
14 May 2026 Compressor arrived; commissioning slipped to June

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Dilutive fundraise

Equity raise and loan covenant

Debenture converted to equity; going-concern doubt remains

October 2025 placing completed. The lender waived only the 2025 covenant test; on 4 June 2026 the company launched a US$10-15m raise at 7p, with a 2026 debt service waiver, and announced initial US$10.9m proceeds on 5 June. With Q2 results on 14 August 2026, the $8.4m debenture was repaid after quarter-end and redirected into Purebond's subscription for 89,765,000 shares, so the financing is fully equity. Net debt was $68.71m, the working capital deficit $28.7m and going-concern doubt remains.

First Admission: Expected on or around 10 June 2026 on AIM, with TSX listing 5 Jun 2026 ↗
Advisers: Canaccord Genuity Nominated Adviser and Lead Bookrunner; Cavendish Joint Bookrunner 5 Jun 2026 ↗
Net proceeds: $10.20 million from the integrated financing completed in Q2 2026 14 Aug 2026 ↗
Debenture: $8.4 million short-term debenture repaid after quarter-end and redirected into Purebond's 89,765,000-share subscription 14 Aug 2026 ↗
Covenant waiver: Annual debt service coverage ratio covenant waived for the year ending 31 December 2026 14 Aug 2026 ↗
Working capital deficit: $28.7 million at 30 June 2026, from $22.2 million at 31 March 14 Aug 2026 ↗

Next: Bank debt repayments of about $14.2m over next 12 months

14 Aug 2026 Debenture converted to equity; going-concern doubt remains
5 Jun 2026 Initial US$10.9m raised; WRAP Offer open
4 Jun 2026 Retail offer open; fundraise close due 10 June
4 Jun 2026 Fundraise launched; close expected 10 June

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Stake building towards control

Purebond Limited towards control

36.27% (from 19.99%)

Next: a 30% holder must bid (Rule 9)

6 Aug 2026 36.27%

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Closed · 1

Insider conviction1 director buying £45k in 1 buy · 2 Dec 2025 – 2 Mar 2026 +5%

Company filings. Not investment advice.