REG - Touchstone Explrtn. - CASCADURA FACILITY UPDATE

Touchstone ExplorationAnnouncement

27/02/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230227:nRSa0647Ra&default-theme=true

RNS Number : 0647R  Touchstone Exploration Inc.  27 February 2023

CASCADURA FACILITY UPDATE

 

CALGARY, ALBERTA (February 27, 2023) - Touchstone Exploration Inc.
("Touchstone", "we", "our", "us" or the "Company") (TSX, LSE: TXP) reports
that on February 24, 2023, the Company was notified by The National Gas
Company of Trinidad and Tobago Limited ("NGC") that they expect to be ready to
receive first gas from the Cascadura natural gas and associated liquids
facility on or about June 30, 2023.

 

Touchstone remains on track to complete the Cascadura facility prior to this
date to ensure production can commence as soon as NGC is in a position to
receive first gas. The approximate construction status of the Cascadura
facility is as follows:

 •    the civil and concrete foundation work for the main process facility equipment
      is complete;
 •    the flare stack is procured, with the associated foundation work commencing
      imminently;
 •    the communication tower is approximately 80 percent complete;
 •    the pipe racks are approximately 90 percent assembled with hydrotesting
      initiated, and the units are expected to arrive at the facility within the
      next three weeks;
 •    on-site condensate tanks are approximately 65 percent complete;
 •    the compressors, separators, and vapour recovery units have been safely
      transported to the facility; and
 •    all process equipment for the facility has been acquired.

Paul Baay, President and Chief Executive Officer, commented:

 

"We are encouraged to have received an expected first gas date from NGC.
Although this is later than we were anticipating, we can now plan the final
phase of our various work streams to minimize costs and optimize services.

 

First gas from Cascadura will be a transformative achievement for Touchstone,
and we thank shareholders for their continued support and patience as we work
towards this significant milestone.

 

We expect that the funds raised late last year and our current base production
will allow us to complete drilling the Royston-1X well and prepare our next
development locations at Cascadura while we finalize construction of the
Cascadura facility."

 

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              T: +1 (403) 750 4487

 Brian Hollingshead, VP Engineering and Business Development

 Shore Capital (Nominated Advisor and Joint Broker)
 Daniel Bush / Toby Gibbs / Iain Sexton                        T: +44 (0) 207 408 4090

 Canaccord Genuity (Joint Broker)
 Adam James / Gordon Hamilton                                  T: +44 (0) 207 523 8000

 FTI Consulting (Financial PR)
 Nick Hennis / Ben Brewerton                                   T: +44 (0) 203 727 1000

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

 

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".

 

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 the Company's capital plans and strategies,
including Cascadura facility construction operations and the expected timing
of completion and initial production, and the Company's current and future
financial position including the sufficiency of resources to fund future
capital expenditures and maintain financial liquidity. 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 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.

 

This announcement contains information that qualified or may have qualified as
inside information for the purposes of Article 7 of the Market Abuse
Regulation (EU) 596/2014 ("MAR") as it forms part of UK domestic law by virtue
of the EUWA ("UK MAR"), encompassing information relating to the Company's
Cascadura project first natural gas date. For the purposes of UK MAR and
Article 2 of the binding technical standards published by the Financial
Conduct Authority in relation to MAR as regards Commission Implementing
Regulation (EU) 2016/1055, the person responsible for the release of this
announcement is Paul Baay, President and Chief Executive Officer of Touchstone
Exploration Inc.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDFFFVIFLIRFIV