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Paul Baay, CEO of Touchstone Exploration (LON: TXP), told Proactive London that his £ 3.8m fundraising was supported by the company's two largest institutional shareholders. The capital injection will finance the exploration of the Ortoire block in Trinidad. Mr. Baay explained that the program was a potential step and that the company was targeting "very large gas reserves and very large oil reserves".
He added, "If we have a lot of success, we could have a multi-year drilling program and it's a problem that I'll be happy to deal with later."
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