REG - Touchstone Explrtn. - FIRST NATURAL GAS PRODUCTION FROM COHO

Touchstone ExplorationAnnouncement

11/10/2022 07:16

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RNS Number : 4624C  Touchstone Exploration Inc.  11 October 2022

FIRST NATURAL GAS PRODUCTION FROM COHO

 

CALGARY, ALBERTA (October 11, 2022) - Touchstone Exploration Inc.
("Touchstone", "we", "our", "us" or the "Company") (TSX, LSE: TXP) is pleased
to announce that the Coho facility has safely delivered first natural gas,
representing the first onshore natural gas project to come onstream in
Trinidad and Tobago in over twenty years. The Coho area is located in the
Ortoire block, where Touchstone has an 80 percent operating working interest
and Heritage Petroleum Company Limited holds the remaining 20 percent working
interest.

 

On September 26, 2022, the Coho facility was approved by the Certified
Verification Agent with the Trinidad and Tobago Ministry of Energy and Energy
Industries promptly authorizing facility commissioning. On September 27, 2022,
we commenced commissioning and achieved commercial deliveries on October 10,
2022, with a field estimated sustained gross production rate of approximately
10.5 million cubic feet per day (approximately 8.4 million cubic feet per day
net).

 

We will continue to monitor the Coho-1 well in an effort to optimize
production. In conjunction with initial production, we have sold the
2.7-kilometre, 6-inch gathering line tying in our Coho facility to the Baraka
natural gas facility to The National Gas Company of Trinidad and Tobago
Limited ("NGC"). Natural gas production from the Coho facility will be sold to
NGC pursuant to a natural gas sales agreement executed in December 2020.

 

Paul Baay, President and Chief Executive Officer, commented:

 

"This is very exciting for the Company, as Coho production represents the
first stage of diversifying our product mix in Trinidad. The Coho facility is
capable of 24 million cubic feet of gross natural gas per day, giving us the
ability to potentially add incremental production volumes through a
combination of additional drilling and well optimization. I would also like to
recognize the collective contributions of our team in making this project a
success. Being the first onshore gas project in over twenty years, we have
learnt from the process, which we expect will provide a strong foundation for
continuous improvement as we proceed with our larger Cascadura project."

 

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

 

Camarco (Financial PR)

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

 

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 future well drilling and well optimization
operations and field estimated production rates. 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.

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