REG - Touchstone Explrtn. - CASCADURA EIA REVIEW PROCESS UPDATE

Touchstone ExplorationAnnouncement

06/07/2022 07:00

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RNS Number : 4382R  Touchstone Exploration Inc.  06 July 2022

CASCADURA EIA REVIEW PROCESS UPDATE

 

CALGARY, ALBERTA (July 6, 2022) - Touchstone Exploration Inc. ("Touchstone" or
the "Company") (TSX, LSE: TXP) provides a further update on the status of the
Cascadura Environmental Impact Assessment ("EIA") in support of an application
for a Certificate of Environmental Clearance, which must be approved by the
Trinidad and Tobago Environmental Management Authority ("EMA") to conduct
development operations within the Cascadura area in the Company's Ortoire
block. Touchstone has an 80 percent operating working interest in Ortoire
block, with Heritage Petroleum Company Limited holding the remaining 20
percent working interest.

 

Further to the Company's announcement on June 27, 2022, and in accordance with
the EMA's regulated review process, Touchstone continues to engage with the
EMA and respond to its queries to support the Cascadura area EIA application.

 

The Company received an initial EIA Review and Assessment Report ("RAR") from
the EMA on May 5, 2022 and responded to the requests raised on May 15, 2022.
Following receipt of a second RAR on June 24, 2022, Touchstone has submitted a
partial response and will be meeting with the EMA to clarify the remaining
aspects to ensure that the queries are addressed by the Company. Touchstone
will provide further feedback to the EMA as appropriate following this
meeting. The EMA has noted that a determination will be made within thirty
working days of receiving a complete response to the second RAR.

 

The EIA application was initially submitted on December 23, 2021 and pursuant
to applicable legislation was to be determined by the EMA within 80 working
days, unless extended while the EMA seeks further information or
clarifications. The latest RAR represents the second extended date from the
EMA beyond the original 80 working days review period.

 

As noted in the Company's announcement on June 27, 2022, the forecasted
onstream date of the Cascadura facility will be established by the timing of
receipt of the approved EIA application, and the Company will update
stakeholders as appropriate.

 

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.

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 / Iain
Sexton
            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 are not
limited to, statements relating to Touchstone's development and exploration
plans and strategies, including the expectation of regulatory approvals 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
2021 Annual Information Form dated March 25, 2022 which is 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 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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