REG - Touchstone Explrtn. - TOUCHSTONE PROVIDES CASCADURA PRODUCTION UPDATE

Touchstone ExplorationAnnouncement

18/09/2023 07:00

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RNS Number : 6881M  Touchstone Exploration Inc.  18 September 2023

TOUCHSTONE PROVIDES CASCADURA PRODUCTION UPDATE

 

CALGARY, ALBERTA (September 18, 2023) - Touchstone Exploration Inc.
("Touchstone", "we", "our", "us" or the "Company") (TSX, LSE: TXP) is pleased
to provide an update regarding natural gas and liquids production volumes from
the recently commissioned Cascadura facility. 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.

 

Touchstone achieved its forecasted Cascadura gross natural gas production rate
of 60 million cubic feet per day ("MMcf/d") on September 15, 2023. The
Cascadura-1ST1 well is currently contributing approximately 40 MMcf/d while
the Cascadura Deep-1 well is contributing approximately 20 MMcf/d of gross
natural gas volumes. In addition, the wells are currently producing an
aggregate 1,400 barrels per day of field estimated gross natural gas liquids
volumes.

 

Paul Baay, President and Chief Executive Officer, commented:

 

"I am very pleased that we have reached our gross target rate of 60 MMcf/d at
Cascadura after our first week of operations. The performance of the wells,
both of which are being choked at surface, is in line with expectations and
the surface facility is currently operating at approximately 67 percent of its
capacity."

 

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) 750-4487

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 development plans and
strategies and field estimated production levels. 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 (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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