REG - Touchstone Explrtn. - NOTICE OF PRE-COMMISSIONING AND COMMISSIONING

Touchstone ExplorationAnnouncement

03/08/2022 07:15

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RNS Number : 7424U  Touchstone Exploration Inc.  03 August 2022

NOTICE OF PRE-COMMISSIONING AND COMMISSIONING OF COHO FACILITY AND PIPELINE

 

CALGARY, ALBERTA (August 3, 2022) - Touchstone Exploration Inc. ("Touchstone",
"we", "our", "us" or the "Company") (TSX, LSE: TXP) announces that the Company
has summitted a notice to residents in the community that the Coho gas
facility and pipeline will commence pre-commissioning and commissioning
operations. Pursuant to the Coho Certification of Environmental Clearance,
residential notification is required to be made a minimum of five business
days prior to the commencement of operations. 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.

 

The pre-commissioning of the gas facility and pipeline consists of testing all
electronics, alarms, and operating systems in the facility, testing of the
flare and emergency shutdown systems, as well as purging air from the system
using inert nitrogen gas. Subsequent to these operations, system commissioning
operations will commence, which entails the introduction of natural gas from
the Coho-1 well into the facility and pipeline in a step rate manner,
officially bringing the system onstream to the Central block natural gas
facility.

 

Coho-1 will commence production following completion of the commissioning and
pipeline handover process, with the expectation that production will increase
over time to 10 MMcf/d (1,667 boe/d) gross, 8 MMcf/d (1,333 boe/d) net.
Touchstone will provide further information once production is optimized
through the system.

 

Paul Baay, President and Chief Executive Officer, commented:

 

"The completion of the Coho facility and pipeline will be a significant
milestone for Touchstone, as it will represent our first natural gas
production and is expected to double our current production on a boe basis.
Throughout this process we have encountered challenges that have provided us
valuable knowledge to streamline the construction of the Cascadura facility.
During the pre-commissioning and commissioning process, we will need to
balance the system with the well, pipeline and Central block facility. We will
keep all stakeholders informed of our progress, and I would personally like to
thank our shareholders for their continued patience as we proceed to full
commercial 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.

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

Mr. James Shipka, Chief Operating 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

 

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 anticipated production timelines, forecasted
initial production rates derived from previous well production tests,
anticipated pre-commissioning and commissioning operations 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.

 

Oil and Gas Measures

 

Where applicable, natural gas has been converted to barrels of oil equivalent
based on six thousand cubic feet to one barrel of oil. The barrel of oil
equivalent rate is based on an energy equivalent conversion method primarily
applicable at the burner tip, and given that the value ratio based on the
current price of crude oil as compared to natural gas is significantly
different than the energy equivalency of the 6:1 conversion ratio, utilizing
the 6:1 conversion ratio may be misleading as an indication of value.

 

Abbreviations

 

boe                  barrels of oil equivalent

boe/d               barrels of oil equivalent per day

MMcf/d             million cubic feet per day

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