REG - Touchstone Explrtn. - TOUCHSTONE ANNOUNCES ORTOIRE OPERATIONAL UPDATE

Touchstone ExplorationAnnouncement

31/07/2023 07:00

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RNS Number : 6431H  Touchstone Exploration Inc.  31 July 2023

TOUCHSTONE ANNOUNCES ORTOIRE OPERATIONAL UPDATE

 

CALGARY, ALBERTA (July 31, 2023) - Touchstone Exploration Inc. ("Touchstone",
"we", "our", "us" or the "Company") (TSX, LSE: TXP) provides an update on the
construction of the Cascadura facility and Royston-1X production testing.
Touchstone has an 80 percent operating working interest in the Cascadura field
and the Royston-1X well, 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.

 

Cascadura

 

The Cascadura-1ST1 and Cascadura Deep-1 downhole safety plugs were removed on
July 8 and July 9, 2023, respectively. Both wells are currently shut in, with
wellhead pressures at approximately 4,100 pounds per square inch. It is
anticipated that the Cascadura natural gas and liquids facility will operate
between approximately 600 to 750 pounds per square inch.

 

On July 20, 2023 we completed the initial operational preparedness inspection
of the facility with the Ministry of Energy and Energy Industries ("MEEI")
which involved a comprehensive evaluation of the facility's infrastructure,
safety protocols, and operational procedures. Following the inspection, minor
modifications to optimize the facility's performance and operational protocols
were completed and the facility was mechanically complete on July 30, 2023.
Pressure testing of the facility with inert nitrogen gas commenced on July 28,
2023, and is now 70% complete.

 

As we continue to pressure test the facility, we will finalize the electrical
and instrumentation connections required to link the Cascadura facility to the
National Gas Company of Trinidad and Tobago pipeline tie-in point. We are
scheduling the final MEEI inspection this week prior to the introduction of
initial natural gas into the system.

 

Royston

 

Production testing at Royston-1X is ongoing and the Company will update the
market when testing has concluded.

 

Paul Baay, President and Chief Executive Officer, commented:

 

"Touchstone is working diligently to complete the commissioning of the
facility and we are eager to commence first production. We continually strive
to meet or exceed all industry regulations and guidelines and our adherence to
the highest health and safety standards will continue to guide us through the
completion of the facility."

 

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
(https://url.avanan.click/v2/___http:/www.touchstoneexploration.com/___.YXAxZTpzaG9yZWNhcDphOm86OTQ2MTQ0MWU0NzU1NzAzOGVhODE4YmQ4YWU0YTAxZWM6NjplODI0OjQ5MmQ0MDBiM2MwOWU4YWFlYWYyMGI0M2YwYzgzMTk4MTU1Zjg1MzUxNDc2MWRlNmVmY2ZhNmI5YzZiNTEwYzE6cDpU)
or contact:

 

Touchstone Exploration Inc.

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

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

 

FTI Consulting (Financial PR)

Nick Hennis / Ben Brewerton
 
Tel: +44 (0) 203 727 1000

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

 

Legal Advisory Regarding 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. The forward-looking
statements contained in this announcement speak only as of the date thereof
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 Cascadura facility
construction progress, and the expected timing of completion and first
production therefrom. 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
2022 Annual Information Form dated March 23, 2023 which is available under the
Company's profile on SEDAR (www.sedar.com
(https://url.avanan.click/v2/___http:/www.sedar.com/___.YXAxZTpzaG9yZWNhcDphOm86OTQ2MTQ0MWU0NzU1NzAzOGVhODE4YmQ4YWU0YTAxZWM6NjoyZDQzOjVhMjUxMDg4YTdjNWY1YWYxYTFmZGUyYTM1ZDVhMTEyMjBhZjdkNWJlZmVmZDI5NGQ4YzE2ZDg2YTkzNzk2Yzc6cDpU)
) and on the Company's website (www.touchstoneexploration.com
(https://url.avanan.click/v2/___http:/www.touchstoneexploration.com/___.YXAxZTpzaG9yZWNhcDphOm86OTQ2MTQ0MWU0NzU1NzAzOGVhODE4YmQ4YWU0YTAxZWM6NjplODI0OjQ5MmQ0MDBiM2MwOWU4YWFlYWYyMGI0M2YwYzgzMTk4MTU1Zjg1MzUxNDc2MWRlNmVmY2ZhNmI5YzZiNTEwYzE6cDpU)
). 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 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.

 

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