INITIAL PRODUCTION FROM
CASCADURA C
CALGARY, ALBERTA (November 4, 2024)
- Touchstone Exploration Inc. ("Touchstone", "we", "our" or the
"Company") (TSX, LSE: TXP) announces initial production from the
Cascadura C well pad.
Touchstone has safely commissioned
the flowline connecting our Cascadura C surface location to the
Cascadura natural gas processing plant, which ties in our
Cascadura-2ST1 and Cascadura-3ST1 wells. Additionally, a new
natural gas separator has been installed and brought online,
expanding the plant's gross natural gas processing capacity to
approximately 140 million cubic feet per day.
We are currently conducting
production testing operations on the Cascadura-2ST1 well and expect
to advance to the Cascadura-3ST1 well thereafter. Isochronal tests
will be performed on both wells to evaluate their production
capacity and refine future production models. These tests involve
flowing each well at various choke sizes to measure flow rates and
pressures, followed by pressure buildup periods to assess reservoir
performance. During this testing phase, all produced gas will be
processed and sold. We expect to complete testing operations within
the next two weeks, after which both the Cascadura-2ST1 and
Cascadura-3ST1 wells will enter continuous production. Touchstone
will provide additional flow rate details once testing
concludes.
Paul R. Baay, President and Chief Executive Officer,
commented:
"We are excited to announce the commencement
of production from the Cascadura C pad, marking a significant
milestone as tested volumes from these wells begin generating
revenue. Following these well tests, our focus will be on
determining optimal production levels to maximize recovery from
this portion of the structure. Positioned at the boundary of our
reserves booking, these wells offer an exciting opportunity to
expand our reserves potential across the field as we continue to
evaluate the Cascadura structure to the east.
With the recent flowline installation and facility expansions,
we have established strategic infrastructure throughout the
Cascadura field, creating efficiencies that are expected to greatly
reduce future cycle times from drilling to
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
or contact:
Touchstone Exploration Inc.
Paul Baay, President and Chief
Executive Officer
Tel: +1 (403)
750-4405
Brian Hollingshead, Executive Vice
President Engineering and Business Development
Shore Capital (Nominated Advisor and Joint
Broker)
Daniel Bush / Toby Gibbs / Tom
Knibbs
Tel: +44 (0) 207 408 4090
Canaccord Genuity (Joint Broker)
Adam James / Charlie
Hammond
Tel: +44 (0) 207 523
8000
FTI
Consulting (Financial PR)
Nick Hennis / Ben Brewerton
Tel: +44 (0) 203 727 1000
Email: touchstone@fticonsulting.com
Advisories
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.
Working
Interest
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.
Forward-Looking
Statements
The information provided in this
announcement contains certain 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 "expect", "believe", "intend",
"estimate", "potential", "growth", "long-term", "anticipate",
"forecast" and similar expressions, or are events or conditions
that "will", "would", "could" or "should" occur or be achieved. The
forward-looking statements contained in this announcement speak
only as of the date hereof 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 business plans, strategies, priorities and development
plans, including planned production testing operations;
expectations of future production from the Cascadura-2ST1 and
Cascadura-3ST1 wells and the timing thereof; the Company's
expectation of increasing reserves via extending the Cascadura
structure and the potential thereof; and the Company's expectation
of reducing future development capital
cycle times. The Company's actual
decisions, activities, results, performance, or achievement could
differ materially from those expressed in, or implied by, such
forward-looking statements and accordingly, no assurances can be
given that any of the events anticipated by the forward-looking
statements will transpire or occur or, if any of them do, what
benefits that Touchstone will derive from them.
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 2023 Annual
Information Form dated March 20, 2024 which is available under the
Company's profile on SEDAR+ (www.sedarplus.ca)
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.
