REG - Touchstone Explrtn. - 2022 Trinidad Onshore Bid Round Results

Touchstone ExplorationAnnouncement

13/06/2023 07:30

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RNS Number : 5292C  Touchstone Exploration Inc.  13 June 2023

2022 TRINIDAD ONSHORE BID ROUND RESULTS

 

CALGARY, ALBERTA (June 13, 2023) - Touchstone Exploration Inc. ("Touchstone",
"we", "our", "us" or the "Company") (TSX, LSE: TXP) announces that Primera Oil
and Gas Limited ("POGL"), our wholly owned Trinidadian subsidiary, was
notified on June 12, 2023 by the Trinidad and Tobago Ministry of Energy and
Energy Industries ("MEEI") that it was awarded the Cipero onshore block in the
Trinidad and Tobago 2022 Onshore and Nearshore Competitive Bid Round. The
Trinidad and Tobago government has authorized the MEEI to enter into
discussions with POGL for the grant of an Exploration and Production (Public
Petroleum Rights) Licence for the Cipero block (the "Licence").

 

In addition, POGL was notified that its bid on the 72,784 gross acre Charuma
block did not meet the technical requirements for the grant of an Exploration
and Production (Public Petroleum Rights) Licence. However, the Trinidad and
Tobago government has authorized the MEEI to enter into discussions with POGL
to improve the minimum work program for the possible grant of a licence.

 

Highlights

 

 ·             The 29,924 gross acre Cipero block is a strategic area given its proximity to
               Rio Claro and our Ortoire block.
 ·             Our successful bid committed to complete various geological studies, reprocess
               existing 2D seismic data, and drill an aggregate four exploration wells on the
               block during the initial six-year exploration period of the Licence.
 ·             Heritage Petroleum Company Limited ("Heritage") is expected to have a 20
               precent working interest in the Cipero block, with all exploration work
               commitments carried during the six-year exploration term of the Licence.
 ·             Herrera and Cretaceous prospects have been identified on the Cipero block.
 ·             POGL will commence discussions with the MEEI to possibly enhance the minimum
               work program bid for the Charuma block.

 

Paul Baay, President and Chief Executive Officer, commented:

 

"With this successful outcome, we have been able to secure extensive acreage
in the Herrera fairway. Although the primary geological target for the Cipero
acreage is the Herrera Formation, our team has also identified additional
targets within the Cretaceous. In addition to the execution of the licence, we
will be required to conduct geological studies, reprocess existing 2D seismic
data, and apply for regulatory permits prior to drilling, which is anticipated
to take a minimum of three years. We are excited to formally commence working
on the block and will provide further updates and details when the licence has
been executed."

 

Summary of Cipero Block Bid

 

 Gross acreage                                                        29,924
 Heritage working interest                                            20 percent
 Minimum work commitments((1)(2))
 Geological studies                                                   Conduct five studies
 Reprocessing 2D seismic                                              426 kilometres
 Exploration drilling                                                 Four new wells
 Estimated financial obligations over the six-year Licence term((2))  US$2.2 million

 

Notes:

(1)    POGL will be responsible for 100 percent of the exploration minimum
work commitments over the initial six-year exploration term of the Licence.

(2)    The minimum work commitments and the estimated financial obligations
were based on the POGL bid and information provided by the MEEI. This
information is subject to change prior to formalization of the Licence.

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

 

Touchstone Exploration Inc.

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

Scott Budau, Chief Financial Officer

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 Regarding 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 development and
exploration plans and strategies, the expectation of executing the Licence in
accordance with the Company's bid, anticipated exploration activities on the
block, and the expected terms of the Licence, including minimum work
commitments based on the successful bid and minimum financial obligation data
provided by the MEEI.

 

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 will be available under the
Company's profile on SEDAR (www.sedar.com (http://www.sedar.com/) ) 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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