TIDMTXP
RNS Number : 4246E
Touchstone Exploration Inc.
11 March 2022
APPROVAL OF ORTOIRE LICENCE EXTENSION
CALGARY, ALBERTA (March 11, 2022) - Touchstone Exploration Inc.
("Touchstone", "we", "our", "us" or the "Company") (TSX, LSE: TXP)
announces that the Government of Trinidad and Tobago ("GoTT") has
approved a five-year extension of the exploration and production
licence for the Ortoire block (the "Licence"). We have an 80
percent operating working interest in the Licence, with Heritage
Petroleum Company Limited holding the remaining 20 percent working
interest.
We were informed by the Trinidad and Tobago Ministry of Energy
and Energy Industries ("MEEI") that the GoTT approved a five-year
extension of the exploration period of the Ortoire Licence to July
31, 2026. As part of the extension, Touchstone is required to drill
three exploration wells to minimum depths of 6,000 true vertical
feet prior to the end of the amended Licence term. The three
exploration wells are in addition to the five previous wells
drilled to date on the property. Similar to the previous minimum
work program, we will be responsible for 100 percent of the
drilling, completion and testing costs for the three additional
exploration wells. Each party to the Licence remains responsible
for its working interest costs associated with the development of
commercial fields, including expenditures relating to facilities
construction and development well drilling.
The Licence extension will permit us to continue exploration
operations on acreage that have not already been deemed commercial,
and no acreage was surrendered pursuant to the extension. The
Licence amendment agreement is now required to be approved by the
Office of the Attorney General and Ministry of Legal Affairs prior
to execution by all parties.
Paul Baay, President and Chief Executive Officer, commented:
"The formal approval of Ortoire licence extension provides us
with a unique opportunity to design and implement an expanded
exploration program to fully evaluate our internally identified
prospects on the acreage. The extension also allows us the ability
to have a multi-faceted future drilling program, including
development drilling at Cascadura, Royston and Coho as well as
further exploration prospects on the licence. Touchstone has proven
that Ortoire is a resource-rich property, and we are excited to
explore further prospects to potentially feed into our current
infrastructure currently in construction. We would like to thank
the MEEI for its continued support, and we welcome a further
opportunity to partner and grow onshore Trinidad oil and natural
gas 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:
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 / Michael McGloin Tel: +44 (0) 207 408
4090
Canaccord Genuity (Joint Broker)
Adam James / Henry Fitzgerald O'Connor / Thomas Diehl Tel: +44
(0) 207 523 8000
Camarco (Financial PR)
Billy Clegg / Emily Hall / Lily Pettifar Tel: +44 (0) 203 781
8330
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.
Forward-looking statements in this announcement may include, but
is not limited to, statements relating to the expected formal
approval and execution of the Ortoire Licence amending agreement,
the anticipated opportunities to be derived therefrom, and the
Company's development and exploration plans and strategies,
including anticipated future well drilling, infrastructure
construction 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 2020 Annual
Information Form dated March 25, 2021 which has been filed on SEDAR
and can be accessed at www.sedar.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 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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