REG - Touchstone Explrtn. - Closing of Acquisition

Touchstone ExplorationAnnouncement

16/05/2025 07:00

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RNS Number : 9912I  Touchstone Exploration Inc.  16 May 2025

Touchstone Exploration Closes Acquisition of Shell Trinidad Central Block
Limited

 

CALGARY, ALBERTA (May 16, 2025) - Touchstone Exploration Inc. ("Touchstone" or
the "Company") (TSX, LSE: TXP) is pleased to announce that it successfully
closed the previously announced acquisition of 100 percent of the share
capital of Shell Trinidad Central Block Limited ("STCBL") on May 15, 2025.

 

The acquisition was completed for cash consideration of approximately $28.4
million, subject to final closing adjustments. STCBL holds a 65 percent
participating interest in the onshore Central block exploration and production
licence in Trinidad, which includes four producing natural gas wells and a gas
processing facility. The remaining 35 percent participating interest is held
by state-owned Heritage Petroleum Company Limited. The Central block licence
encompasses approximately 6,699 gross acres (4,354 net working interest
acres).

 

Touchstone will provide an updated corporate presentation and revised 2025
guidance as the integration of the acquired assets progresses.

 

Paul Baay, President and Chief Executive Officer, commented:

 

"The closing of this acquisition marks a significant milestone for Touchstone
as we continue to expand our portfolio of high-quality assets in Trinidad.
This transaction strengthens our production base, allows us access to the
liquefied natural gas market, broadens our onshore presence, and enhances our
operational capacity in a region where we see long-term strategic value. We
look forward to integrating these assets and unlocking their full potential
for the benefit of our shareholders and stakeholders."

 

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://www.touchstoneexploration.com/) or contact:

 

Touchstone Exploration Inc.

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

Scott Budau, Chief Financial Officer

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

 

Currency

Unless otherwise stated, all financial amounts presented herein are stated in
United States dollars.

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, forecasts, estimates, expectations and objectives
for future operations 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.

 

Specifically, this announcement includes, but is not limited to,
forward-looking statements relating to the Company's business plans,
strategies, priorities and development plans; the expected benefits and
synergies of the acquisition; and Touchstone's current and future financial
position, including the sufficiency of resources to fund future capital
expenditures and maintain financial liquidity. 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 that 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 (http://www.sedarplus.ca/) )
and on the Company's website (www.touchstoneexploration.com
(http://www.touchstoneexploration.com/) ). 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.

 

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