REG - Touchstone Explrtn. - OPERATIONAL UPDATE & INVESTOR PRESENTATION

Touchstone ExplorationAnnouncement

29/06/2023 07:00

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RNS Number : 3638E  Touchstone Exploration Inc.  29 June 2023

TOUCHSTONE ANNOUNCES OPERATIONAL UPDATE AND NOTIFICATION OF RETAIL INVESTOR
PRESENTATION

 

CALGARY, ALBERTA (June 29, 2023) - Touchstone Exploration Inc. ("Touchstone",
"we", "our", "us" or the "Company") (TSX, LSE: TXP) provides an update on the
construction of the Cascadura facility and Royston-1X production testing,
ahead of our Annual General Meeting which will be held today at 10:30 a.m.
(MDT). Touchstone has an 80 percent operating working interest in the
Cascadura field and the Royston-1X well, which are located on the Ortoire
block onshore in the Republic of Trinidad and Tobago. Heritage Petroleum
Company Limited holds the remaining 20 percent working interest.

 

Cascadura

 

Construction of the Cascadura natural gas and liquids facility is progressing.
We are currently undertaking pre-commissioning of the facility, which consists
of testing all electronics, alarms, operating systems, flare and emergency
shutdown systems, as well as purging air from the system using inert nitrogen
gas. In parallel with these operations, on or about July 8, 2023, we will
remove the downhole safety plugs from the Cascadura-1ST1 and Cascadura Deep-1
wells and commence facility commissioning operations.

 

Royston

 

We have completed the second production test of the Royston-1X well, which
included three zones targeting a gross interval of 80 feet in the middle
portion of the subthrust sheet of the Herrera Formation at depths between
10,604 and 11,020 feet. Each zone produced light crude oil, with wellhead shut
in pressure up to 2,450 pounds per square inch. Production flowed to the
surface at non-commercial rates. This section of the formation appears to be a
low permeability reservoir, and further testing will not be conducted. The
next well test will target a gross interval of 106 feet within the
intermediate sheet, which is the primary target of the well.

 

Virtual Webinar Event

 

President and Chief Executive Officer, Paul Baay, will be presenting at the
Shares / AJ Bell investor webinar on Wednesday, July 5, 2023 at 18:00 p.m.
(BST). Following the presentations there will be a live question and answer
session. Existing shareholders and potential investors can register to join
the event for free via the following link:
https://www.sharesmagazine.co.uk/events/event/shares-investor-webinar-0507
(https://url.avanan.click/v2/___https:/www.sharesmagazine.co.uk/events/event/shares-investor-webinar-0507___.YXAxZTpzaG9yZWNhcDphOm86OTQ2MTQ0MWU0NzU1NzAzOGVhODE4YmQ4YWU0YTAxZWM6NjozODRiOmRhZWVmNDM2YTg0MDZmMGNjZjhlMzZmMTBmNTc2ODcyZTdjNWU2MGQ2OTk5N2I3NWU5NmJiOTg4OTZjYjcyM2M6cDpU)
.

 

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/___.YXAxZTpzaG9yZWNhcDphOm86OTQ2MTQ0MWU0NzU1NzAzOGVhODE4YmQ4YWU0YTAxZWM6NjplODI0OjQ5MmQ0MDBiM2MwOWU4YWFlYWYyMGI0M2YwYzgzMTk4MTU1Zjg1MzUxNDc2MWRlNmVmY2ZhNmI5YzZiNTEwYzE6cDpU)
or contact:

 

Touchstone Exploration Inc.

Paul Baay, President and Chief Executive
Officer                       Tel: +1 (403) 750-4487

James Shipka, Chief Operating Officer

 

Shore Capital (Nominated Advisor and Joint Broker)

Daniel Bush / Toby Gibbs / Iain Sexton
                                    Tel:
+44 (0) 207 408 4090

 

 

Canaccord Genuity (Joint Broker)

Adam James / Gordon
Hamilton
            Tel: +44 (0) 207 523 8000

 

FTI Consulting (Financial PR)

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

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

 

Advisory

 

Forward-Looking Statements

 

Certain information provided in this announcement may constitute
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 "expects",
"plans", "anticipates", "believes", "intends", "estimates", "projects",
"potential" 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 thereof
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 Cascadura facility
construction operations and the expected timing of completion, the Royston-1X
production testing results and interpretations therefrom, the quality and
quantity of prospective hydrocarbon accumulations and target intervals based
on internal interpretations of wireline logs, and expected future production
testing operations, including future target intervals, ultimate production
therefrom and the timing thereof.

 

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 2022
Annual Information Form dated March 23, 2023 which is available under the
Company's profile on SEDAR (www.sedar.com
(https://url.avanan.click/v2/___http:/www.sedar.com/___.YXAxZTpzaG9yZWNhcDphOm86OTQ2MTQ0MWU0NzU1NzAzOGVhODE4YmQ4YWU0YTAxZWM6NjoyZDQzOjVhMjUxMDg4YTdjNWY1YWYxYTFmZGUyYTM1ZDVhMTEyMjBhZjdkNWJlZmVmZDI5NGQ4YzE2ZDg2YTkzNzk2Yzc6cDpU)
) and on the Company's website (www.touchstoneexploration.com
(https://url.avanan.click/v2/___http:/www.touchstoneexploration.com/___.YXAxZTpzaG9yZWNhcDphOm86OTQ2MTQ0MWU0NzU1NzAzOGVhODE4YmQ4YWU0YTAxZWM6NjplODI0OjQ5MmQ0MDBiM2MwOWU4YWFlYWYyMGI0M2YwYzgzMTk4MTU1Zjg1MzUxNDc2MWRlNmVmY2ZhNmI5YzZiNTEwYzE6cDpU)
). 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,
Chief Operating Officer 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.

 

 

This announcement contains inside information for the purposes of Article 7 of
the UK version of the Market Abuse Regulation (EU) No.596/2014, which forms
part of UK law by virtue of the European Union (Withdrawal) Act 2018.

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