REG - Touchstone Explrtn. - APPROVAL OF ORTOIRE LICENCE EXTENSION

Touchstone ExplorationAnnouncement

11/03/2022 07:00

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RNS Number : 4246E  Touchstone Exploration Inc.  11 March 2022

APPROVAL OF ORTOIRE LICENCE EXTENSION

 

CALGARY, ALBERTA (March 11, 2022) - Touchstone Exploration Inc. ("Touchstone",
"we", "our", "us" or the "Company") (TSX, LSE: TXP) announces that the
Government of Trinidad and Tobago ("GoTT") has approved a five-year extension
of the exploration and production licence for the Ortoire block (the
"Licence"). We have an 80 percent operating working interest in the Licence,
with Heritage Petroleum Company Limited holding the remaining 20 percent
working interest.

 

We were informed by the Trinidad and Tobago Ministry of Energy and Energy
Industries ("MEEI") that the GoTT approved a five-year extension of the
exploration period of the Ortoire Licence to July 31, 2026. As part of the
extension, Touchstone is required to drill three exploration wells to minimum
depths of 6,000 true vertical feet prior to the end of the amended Licence
term. The three exploration wells are in addition to the five previous wells
drilled to date on the property. Similar to the previous minimum work program,
we will be responsible for 100 percent of the drilling, completion and testing
costs for the three additional exploration wells. Each party to the Licence
remains responsible for its working interest costs associated with the
development of commercial fields, including expenditures relating to
facilities construction and development well drilling.

 

The Licence extension will permit us to continue exploration operations on
acreage that have not already been deemed commercial, and no acreage was
surrendered pursuant to the extension. The Licence amendment agreement is now
required to be approved by the Office of the Attorney General and Ministry of
Legal Affairs prior to execution by all parties.

 

Paul Baay, President and Chief Executive Officer, commented:

 

"The formal approval of Ortoire licence extension provides us with a unique
opportunity to design and implement an expanded exploration program to fully
evaluate our internally identified prospects on the acreage. The extension
also allows us the ability to have a multi-faceted future drilling program,
including development drilling at Cascadura, Royston and Coho as well as
further exploration prospects on the licence. Touchstone has proven that
Ortoire is a resource-rich property, and we are excited to explore further
prospects to potentially feed into our current infrastructure currently in
construction. We would like to thank the MEEI for its continued support, and
we welcome a further opportunity to partner and grow onshore Trinidad oil and
natural gas production."

 

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:

 

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

Mr. James Shipka, Chief Operating Officer

Mr. Scott Budau, Chief Financial Officer

 

Shore Capital (Nominated Advisor and Joint Broker)

Daniel Bush / Toby Gibbs / Michael
McGloin
Tel: +44 (0) 207 408 4090

 

Canaccord Genuity (Joint Broker)

Adam James / Henry Fitzgerald O'Connor / Thomas
Diehl                       Tel: +44 (0) 207 523 8000

Camarco (Financial PR)

Billy Clegg / Emily Hall / Lily Pettifar
                                    Tel:
+44 (0) 203 781 8330

 

Advisories

 

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.

 

Forward-looking statements in this announcement may include, but is not
limited to, statements relating to the expected formal approval and execution
of the Ortoire Licence amending agreement, the anticipated opportunities to be
derived therefrom, and the Company's development and exploration plans and
strategies, including anticipated future well drilling, infrastructure
construction 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 2020 Annual Information Form dated
March 25, 2021 which has been filed on SEDAR and can be accessed at
www.sedar.com (http://www.sedar.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 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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