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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 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
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 ) 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 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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