REG - Touchstone Explrtn. - Initial production from Cascadura C

Touchstone ExplorationAnnouncement

04/11/2024 07:00

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RNS Number : 7829K  Touchstone Exploration Inc.  04 November 2024

INITIAL PRODUCTION FROM CASCADURA C

 

CALGARY, ALBERTA (November 4, 2024) - Touchstone Exploration Inc.
("Touchstone", "we", "our" or the "Company") (TSX, LSE: TXP) announces initial
production from the Cascadura C well pad.

 

Touchstone has safely commissioned the flowline connecting our Cascadura C
surface location to the Cascadura natural gas processing plant, which ties in
our Cascadura-2ST1 and Cascadura-3ST1 wells. Additionally, a new natural gas
separator has been installed and brought online, expanding the plant's gross
natural gas processing capacity to approximately 140 million cubic feet per
day.

 

We are currently conducting production testing operations on the
Cascadura-2ST1 well and expect to advance to the Cascadura-3ST1 well
thereafter. Isochronal tests will be performed on both wells to evaluate their
production capacity and refine future production models. These tests involve
flowing each well at various choke sizes to measure flow rates and pressures,
followed by pressure buildup periods to assess reservoir performance. During
this testing phase, all produced gas will be processed and sold. We expect to
complete testing operations within the next two weeks, after which both the
Cascadura-2ST1 and Cascadura-3ST1 wells will enter continuous production.
Touchstone will provide additional flow rate details once testing concludes.

 

Paul R. Baay, President and Chief Executive Officer, commented:

 

"We are excited to announce the commencement of production from the Cascadura
C pad, marking a significant milestone as tested volumes from these wells
begin generating revenue. Following these well tests, our focus will be on
determining optimal production levels to maximize recovery from this portion
of the structure. Positioned at the boundary of our reserves booking, these
wells offer an exciting opportunity to expand our reserves potential across
the field as we continue to evaluate the Cascadura structure to the east.

 

With the recent flowline installation and facility expansions, we have
established strategic infrastructure throughout the Cascadura field, creating
efficiencies that are expected to greatly reduce future cycle times from
drilling to 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:

 

Touchstone Exploration Inc.

Paul Baay, President and Chief Executive Officer
      Tel: +1 (403) 750-4405

Brian Hollingshead, Executive Vice President Engineering and Business
Development

 

Shore Capital (Nominated Advisor and Joint Broker)

Daniel Bush / Toby Gibbs / Tom Knibbs
              Tel: +44 (0) 207 408 4090

 

Canaccord Genuity (Joint Broker)

Adam James / Charlie
Hammond
    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)

Advisories

 

This announcement contains inside information for the purposes of Article 7 of
the UK version of the Market Abuse Regulation (EU) No.596/2014, which forms
part of UK law by virtue of the European Union (Withdrawal) Act 2018.

 

Working Interest

 

Touchstone has an 80 percent operating working interest in the Cascadura
field, which is located on the Ortoire block onshore in the Republic of
Trinidad and Tobago. Heritage Petroleum Company Limited holds the remaining 20
percent working interest.

 

Forward-Looking Statements

 

The information provided in this announcement contains certain 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 "expect", "believe",
"intend", "estimate", "potential", "growth", "long-term", "anticipate",
"forecast" and similar expressions, or are events or conditions that "will",
"would", "could" or "should" occur or be achieved. The forward-looking
statements contained in this announcement speak only as of the date hereof 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 business plans,
strategies, priorities and development plans, including planned production
testing operations; expectations of future production from the Cascadura-2ST1
and Cascadura-3ST1 wells and the timing thereof; the Company's expectation of
increasing reserves via extending the Cascadura structure and the potential
thereof; and the Company's expectation of reducing future development capital
cycle times. The Company's actual decisions, activities, results, performance,
or achievement could differ materially from those expressed in, or implied by,
such forward-looking statements and accordingly, no assurances can be given
that any of the events anticipated by the forward-looking statements will
transpire or occur or, if any of them do, what benefits that Touchstone will
derive from them.

 

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 2023
Annual Information Form dated March 20, 2024 which is available under the
Company's profile on SEDAR+ (www.sedarplus.ca (http://www.sedarplus.ca/) ) 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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