Director dealings: Touchstone Exploration CEO makes share sale

(Sharecast News) - Touchstone Exploration revealed on Thursday that chief executive Paul Baay had offloaded 131,000 shares in the AIM-listed exploration and development firm. Baay, who founded Touchstone, sold the shares on Wednesday at an average price of 54.0p each, for a total value of £70,740.

The proceeds from the sale were used to satisfy costs and withholding taxes associated with the company's officer share option exercises.

Back in August, Touchstone Exploration announced the completion of its five-phase production testing at the Royston-1X well.

Among the significant discoveries during the testing, the deepest oil located on the Ortoire block was found at a depth between 11,102 and 11,168 feet, registering an oil gravity between 34.1 to 40.0 degrees API. However, the low permeability reservoir indicated limited natural oil flow to the surface.

As of 1530 BST, Touchstone shares were up 6.48% at 57.50p.





Reporting by Iain Gilbert at Sharecast.com





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Top Director Sells

Touchstone Exploration Inc Npv (di) (TXP) Director name: Baay,Paul R. Amount sold: 131,000 @ 54.00p Value: �70,740.00

Wildcat Petroleum (WCAT) Director name: Singh,Mandhir Amount sold: 26,300,000 @ 0.15p Value: �39,450.00