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RNS Number : 2431W
Touchstone Exploration Inc.
17 August 2022
APPROVAL OF CASCADURA CERTIFICATE OF ENVIRONMENTAL CLEARANCE
CALGARY, ALBERTA (August 17, 2022) - Touchstone Exploration Inc.
( " Touchstone ", "we", "our", "us" or the " Company " ) (TSX, LSE:
TXP) is pleased to announce that on August 16, 2022, the Company
received a Certificate of Environmental Clearance ("CEC") to
conduct development operations within the Cascadura area of the
Ortoire block from the Trinidad and Tobago Environmental Management
Authority. Touchstone has an 80 percent operating working interest
in the Ortoire block, with Heritage Petroleum Company Limited
holding the remaining 20 percent working interest.
The CEC approves the construction of a multi-well surface
production facility with a designed production capacity of 200
million cubic feet of natural gas per day, 5,000 barrels per day of
associated liquids and 200 barrels per day of produced water, with
a storage capacity of 8,800 barrels of liquids on the Cascadura A
wellsite. In addition to the facility, the CEC includes the
drilling of eight wells at two well pads (Cascadura B and C) and
the establishment of associated pipelines and infrastructure within
the Ortoire block.
Construction of the Cascadura surface facility and associated
infrastructure required to bring on production from our two
existing Cascadura wells will commence immediately, following the
required notifications and conditions set out in the approved CEC.
The National Gas Company of Trinidad and Tobago Limited has begun
activity in the field to commence the construction of the 1.7
kilometre, 20-inch pipeline to the Cascadura facility.
Paul Baay, President and Chief Executive Officer, commented:
"This is a major step forward for the Cascadura project as we
progress from the exploration phase to the development and
production phase. It has been a thorough process, but the positive
outcome now allows us to establish a clear and measurable five-year
development plan for the discovery. We are working with our local
contractors, and construction is underway at local fabrication
shops for various aspects of the facility with all major facility
components already delivered to Trinidad. We will provide updates
on the project milestones as we move forward. "
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 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
Advisory
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 the expected
construction of the Cascadura facility, well locations and
associated infrastructure, the expectation of bringing exploration
wells to production 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 ) and on the
Company's website ( 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.
This announcement contains information that qualified or may
have qualified as inside information for the purposes of Article 7
of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK
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