TIDMTXP
RNS Number : 6393L
Touchstone Exploration Inc.
07 September 2023
TOUCHSTONE ANNOUNCES COMMENCEMENT OF CASCADURA PRODUCTION
CALGARY, ALBERTA (September 7, 2023) - Touchstone Exploration
Inc. ( " Touchstone ", "we", "our", "us" or the " Company " ) (TSX,
LSE: TXP) announces that the Cascadura natural gas and liquids
facility has safely delivered first production. 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 ("Heritage") holds
the remaining 20 percent working interest.
Natural gas and associated liquids production commenced on
September 6, 2023 and the Company intends to increase gross
aggregate natural gas production from the Cascadura-1ST1 and
Cascadura Deep-1 wells to 60 MMcf/d (10,000 boe/d) plus associated
natural gas liquids over the coming weeks.
Natural gas and associated liquids production from the Company's
Cascadura wells is separated at the Cascadura facility on the
Cascadura A surface location. The facility operates as a
self-contained system, capturing all natural gas from the
separators and liquids storage tanks and recycling it back into the
system to increase sales volumes. Additionally, the facility
sustains its own power requirements through onsite solar systems
and natural gas generators and is entirely independent of the
Trinidad power grid. The facility has a designed gross production
capacity of 200 MMcf/d and 5,000 bbls/d of associated liquids, with
a current gross production capacity of 90 MMcf/d and 2,250 bbls/d
of associated liquids (17,250 boe/d).
The facility was constructed over the past year and represented
approximately 110,000 work hours of local employment using
Trinidadian contractors and fabrication facilities. Throughout
construction and commissioning, the project recorded no lost time
injuries.
Natural gas volumes are transported through a 20-inch pipeline
constructed and operated by The National Gas Company of Trinidad
and Tobago Limited ("NGC") and sold to NGC pursuant to an Ortoire
natural gas sales agreement executed in December 2020. Condensate
volumes will be transported via tanker trucks to the Company's
Barrackpore liquids sales facility and sold to Heritage pursuant to
a Cascadura field liquids sales agreement executed on September 1,
2023.
Paul Baay, President and Chief Executive Officer, commented:
" The commencement of production from Cascadura marks the most
significant milestone to date in the Touchstone journey,
transitioning us to a majority natural gas weighted production
company. Our fixed price natural gas agreement will deliver a
significantly increased predictable cashflow stream to be
reinvested in the future development of our extensive Trinidad
asset base. Cascadura represents the second producing area on our
Ortoire block, where we have multiple defined development
prospects, alongside a significant pipeline of long-term
exploration prospects.
We would like to thank our partners and contractors for their
support and attention to safety during the facility construction
and commissioning process. Our team will now focus on optimizing
Cascadura production and planning a future drilling program to fill
our existing Coho and Cascadura facilities. "
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
Scott Budau, Chief Financial Officer
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
Advisories
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 Touchstone's expectation of
future Cascadura natural gas and liquids production rates and cash
flows to be derived therefrom; estimated Cascadura facility
construction work-hours; and the Company's development and
exploration plans and strategies, including internal development
opportunities, future development drilling on the Company's
existing asset base and the anticipation of using existing sales
infrastructure for future operations .
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.
Oil and Gas Measures
Where applicable, natural gas has been converted to barrels of
oil equivalent based on six thousand cubic feet to one barrel of
oil. The barrel of oil equivalent rate is based on an energy
equivalent conversion method primarily applicable at the burner
tip, and given that the value ratio based on the current price of
crude oil as compared to natural gas is significantly different
than the energy equivalency of the 6:1 conversion ratio, utilizing
the 6:1 conversion ratio may be misleading as an indication of
value.
Abbreviations
bbls/d barrels per day
boe/d barrels of oil equivalent per day
MMcf/d million cubic feet per day
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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