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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 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 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 ) 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.
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END
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