REG - Touchstone Explrtn. - CASCADURA-5 WELL DRILLING RESULTS

Touchstone ExplorationAnnouncement

Mon 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250707:nRSG9671Pa&default-theme=true

RNS Number : 9671P  Touchstone Exploration Inc.  07 July 2025

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
THE MARKET ABUSE REGULATION (596/2014/EU) ("MAR") AS IT FORMS PART OF UK
DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 AS AMENDED
("UK MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, SUCH INFORMATION WILL
NO LONGER CONSTITUTE INSIDE INFORMATION.

 

CASCADURA-5 WELL DRILLING RESULTS

 

CALGARY, ALBERTA (July 7, 2025) - Touchstone Exploration Inc. ("Touchstone" or
the "Company") (TSX, LSE: TXP) provides an operational update on the
Cascadura-5 development well ("Cas-5"), located on the Ortoire block onshore
in the Republic of Trinidad and Tobago. Touchstone has an 80 percent operating
working interest in the well, with Heritage Petroleum Company Limited holding
the remaining 20 percent.

 

The Cas-5 well was spud on June 4, 2025, using Star Valley Drilling Rig #205
and was drilled to a total depth of 7,020 feet over 22 days. Following
open-hole logging operations, the well was cased for future production.

 

The primary target of the Cas-5 well was the Herrera Gr7bc sands, which are
prevalent in the Cascadura structure. Cas-5 is the second well drilled into
the B block of the Cascadura structure and encountered approximately 620 feet
of gross sand. The targeted reservoir intervals were observed approximately
300 feet updip of the Cascadura-2 well, which was drilled in the first quarter
of 2024.

 

The original planned total depth of the well was 6,654 feet. Based on
encouraging drill cuttings and mud logging data indicating continued
hydrocarbon presence, drilling was extended to 7,020 feet. Wireline logging,
mud logging, and drill cuttings data collectively suggest that
hydrocarbon-bearing sands are present throughout the primary Gr7bc interval.

 

When funding is available, the drilling rig is expected to be mobilized to
complete operations at the nearby Cascadura-4 well ("Cas-4"), which is
currently cased to a depth of 3,200 feet. Cas-4 is also targeting the Herrera
sands, with a planned total depth of approximately 6,500 feet.

 

Upon drilling Cas-4, the Company intends to complete and tie-in Cas-4 and
Cas-5 into the Cascadura natural gas facility. All required tie-in equipment
is currently on location.

 

Paul R. Baay, President and Chief Executive Officer, commented:

 

"Cas-5 was drilled on schedule and on budget, with field-estimated costs of
approximately US$5 million, despite extending the target depth. The
performance of our new drilling team, along with the use of synthetic
oil-based mud and managed pressure drilling, was instrumental in delivering a
successful operation. We encountered no material issues during drilling, which
we attribute to improvements implemented following previous challenges. The
hydrocarbon intervals observed align with or exceed our pre-drill expectations
and continue to enhance our understanding of the Cascadura structure as we
integrate ongoing seismic interpretation."

 

Placing update

 

The Company continues to evaluate its options regarding the unfunded placing
commitments and will issue a further announcement as soon as practicable.

 

Touchstone Exploration Inc.

 

Touchstone Exploration Inc. is a Calgary, Alberta based company engaged in the
business of acquiring interests in petroleum and natural gas rights and the
exploration, development, production and sale of petroleum and natural gas.
Touchstone is currently active in onshore properties located in the Republic
of Trinidad and Tobago. The Company's common shares are traded on the Toronto
Stock Exchange and the AIM market of the London Stock Exchange under the
symbol "TXP".

 

For further information about Touchstone, please visit our website at
www.touchstoneexploration.com
(https://url.avanan.click/v2/___http:/www.touchstoneexploration.com/___.YXAxZTpzaG9yZWNhcDphOm86NzY3MDI3ZGJhNjJkMTBmN2M5YjgzOTJiZGY5NzNkZDg6NjphOTg1OjlmZDcwMWJhZDA2YzEwMDg1MjJhMGQzMzZjNWZjZTVlMzYyMDBhZTlkZDUzNDBlNjQ5OTc0OWEzOWVjOTNmYTI6cDpUOk4)
or contact:

 

Touchstone Exploration Inc.

Paul Baay, President and Chief Executive
Officer                       Tel: +1 (403) 750-4405

James Shipka, EVP Asset Development and HSE

 

Shore Capital (Nominated Advisor and Joint Broker)

Daniel Bush / Toby Gibbs / Tom Knibbs
                        Tel: +44 (0) 207 408 4090

 

Canaccord Genuity (Joint Broker)

Adam James / Charlie
Hammond
Tel: +44 (0) 207 523 8000

 

FTI Consulting (Financial PR)

Nick Hennis / Ben Brewerton / Lucy
Wigney                                Tel: +44
(0) 203 727 1000

Email: touchstone@fticonsulting.com (mailto:touchstone@fticonsulting.com)

 

Advisories

 

Working Interest

 

Touchstone holds an 80 percent operating working interest in the Cascadura
field, which forms part of the Ortoire block, onshore in the Republic of
Trinidad and Tobago. The remaining 20 percent participating interest is held
by Heritage Petroleum Company Limited.

 

Forward-looking Statements

 

The information provided in this announcement contains certain forward-looking
statements and information (collectively, "forward-looking statements") within
the meaning of applicable securities laws. Such forward-looking statements
include, without limitation, intentions, forecasts, estimates, expectations
and objectives that are subject to assumptions, risks and uncertainties, many
of which are beyond the control of the Company. Forward-looking statements are
statements that are not historical facts and are generally, but not always,
identified by the words "expect", "believe", "estimate", "potential",
"anticipate", "forecast", "pursue", "aim", "intends", and similar expressions,
or are events or conditions that "will", "would", "may", "could" or "should"
occur or be achieved. The forward-looking statements contained in this
announcement speak only as of the date hereof and are expressly qualified by
this cautionary statement.

 

In particular, this announcement includes, but is not limited to,
forward-looking statements regarding: the Company's business plans,
strategies, priorities and development plans; the quality and quantity of
prospective hydrocarbon accumulations based on wireline logs, including the
Company's interpretations thereof; the Company's field estimated capital
expenses related to the Cascadura-5 well; the Company's expectations regarding
timing and results of future drilling, completion, and tie-in operations at
Cascadura-4 and Cascadura-5 including anticipated production rates and
commercial outcomes therefrom; the Company's ongoing evaluation of other
sources of financing; and Touchstone's current and future financial position,
including the Company's liquidity and the sufficiency of resources to fund
future capital expenditures. The Company's actual decisions, activities,
results, performance, or achievement could differ materially from those
expressed in, or implied by, such forward-looking statements and accordingly,
no assurances can be given that any of the events anticipated by the
forward-looking statements will transpire or occur or, if any of them do, what
benefits Touchstone will derive from them.

 

Although the Company believes that the expectations and assumptions on which
the forward-looking statements are based are reasonable, undue reliance should
not be placed on the forward-looking statements because the Company can give
no assurance that they will prove to be correct. Since forward-looking
statements address future events and conditions, by their very nature they
involve inherent risks and uncertainties. Actual results could differ
materially from those currently anticipated due to a number of factors and
risks. Certain of these risks are set out in more detail in the Company's 2024
Annual Information Form dated March 19, 2025 which is available online under
the Company's profile on SEDAR+ (www.sedarplus.ca
(https://url.avanan.click/v2/___http:/www.sedarplus.ca/___.YXAxZTpzaG9yZWNhcDphOm86YmQ5MDlmZDBkODY2OWU4NTAwYzQwMDAzYjI0MjU0MmM6Njo4MGY2OjdmNTMwNmYyOWQ4ODllYTgyNzllMzYwMWZhODNmNDc1N2I0NzEyMzNjODZlNmI0MDI3NDBlYjBkNGMxMTQ3NmI6cDpGOk4)
) and on the Company's website (www.touchstoneexploration.com
(https://url.avanan.click/v2/___http:/www.touchstoneexploration.com/___.YXAxZTpzaG9yZWNhcDphOm86YmQ5MDlmZDBkODY2OWU4NTAwYzQwMDAzYjI0MjU0MmM6Njo0YjI4OmNjYzljOTBhYWFhMDQ5OTBiMjhkYTIzYzY5YTI0MzdkOWY2ZjViMjYyMGYzOWE0NzQyM2RjMzFhZTdiNmY4OGM6cDpGOk4)
). The forward-looking statements contained in this announcement are made as
of the date hereof, and except as may be required by applicable securities
laws, the Company assumes no obligation or intent to update publicly or revise
any forward-looking statements made herein or otherwise, whether as a result
of new information, future events or otherwise.

 

Competent Persons Statement

 

In accordance with the AIM Rules for Companies, the technical information
contained in this announcement has been reviewed and approved by James Shipka,
Executive Vice President Asset Development and HSE of Touchstone Exploration
Inc. Mr. Shipka is a qualified person as defined in the London Stock
Exchange's Guidance Note for Mining and Oil and Gas Companies and is a Fellow
of the Geological Society of London (BGS) as well as a member of the Canadian
Society of Petroleum Geologists and the Geological Society of Trinidad and
Tobago. Mr. Shipka has a Bachelor of Science in Geology from the University of
Calgary and has over 30 years of oil and gas exploration and development
experience.

 

For the purposes of UK MAR and Article 2 of the binding technical standards
published by the Financial Conduct Authority in relation to MAR as regards
Commission Implementing Regulation (EU) 2016/1055, the person responsible for
the release of this announcement is Paul Baay, President and Chief Executive
Officer.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DRLSSWSIWEISELW