TIDMTXP
RNS Number : 3592N
Touchstone Exploration Inc.
17 January 2019
ORTOIRE INDEPENT PROSPECT EVALUATION
Calgary, Alberta - January 17, 2019 - Touchstone Exploration
Inc. ("Touchstone" or the "Company") (TSX / LSE: TXP) announces a
summary of the results of an independent review prepared by GLJ
Petroleum Consultants Ltd. ("GLJ") of Calgary, Alberta dated
January 16, 2019 of the Company's Ortoire exploration block (the
"Prospect Evaluation") located onshore in the Republic of Trinidad
and Tobago ("Trinidad").
The Company engaged GLJ to review each of the internally
identified onshore Trinidad exploration prospects on the Ortoire
exploration block and to provide an independent Prospect Evaluation
in accordance with definitions, standards and procedures contained
in the Canadian Oil and Gas Evaluation Handbook ("COGEH") and
National Instrument 51-101 Standards of Disclosure for Oil and Gas
Activities ("NI 51-101"). Touchstone has an 80% working interest in
the Ortoire block.
The Prospect Evaluation includes an estimate of the Company's
Risked and Unrisked Recoverable Volumes and the net present value
of future net revenue of its Contingent Resources and Prospective
Resources. The Prospect Evaluation relied on several factors
including existing well bores, offset producing properties and
historical production tests on two of the three prospects. The
Company also utilized a combination of 2D and 3D seismic data to
further delineate the individual prospects. The locations target
turbidite fan sequences of the Herrera formation at depths between
7,000 and 11,500 feet.
The Prospect Evaluation was performed to provide the Company
with an independent assessment of the Ortoire exploration block
opportunities and to assist in quantifying individual prospects. At
this time, GLJ and the Company have not included the Contingent
Resources and Prospective Resources identified in the Prospect
Evaluation in Touchstone's Reserves Report as the exploration
license governing the Ortoire block requires the Company to first
declare commerciality of any discovery prior to economic
production.
Paul R. Baay, President and Chief Executive Officer,
commented:
"This independent prospect evaluation provides confirmation that
the prospects that have been identified by the Touchstone team are
of a significant size and provide an excellent opportunity for a
step change in reserves, production and net asset value of the
Company. Proving this geological model could be monumental for
Touchstone and Trinidad as it will set up a multi year exploration
and development program."
Prospect Evaluation Summary
The prospect Evaluation classifies exploration targets in either
the Contingent Resources (Development Pending) or Prospective
Resources (Prospect) COGEH category. Both Contingent Resources and
Prospective Resources have risks associated with the Chance of
Commerciality, which is defined as the product of Chance of
Development and the Chance of Discovery. Contingent Resources are
defined as discovered resources, due to historical production or
testing, thereby carrying no Discovery Risk. Contingent Resources
have risks associated with Chance of Development only. Prospective
Resources are defined as undiscovered resources, with risks
associated with both Chance of Development and Chance of
Discovery.
GLJ's estimate of the Recoverable Volumes and Net Present Values
(both Risked and Unrisked) of the Contingent Resources and
Prospective Resources identified at Ortoire are set out below. In
all instances, net present value of future net revenue ("Net
Present Value") is calculated as at December 31, 2018 using GLJ's
pricing forecasts dated January 1, 2019 and is net of estimated
future royalties, development and operating costs required to fully
develop each prospect and recover all Recoverable Volumes, and
abandonment and reclamation costs. Operating costs have been
estimated based on the Company's current structure and take in to
account premiums related to bringing new volumes on stream over
time.
An estimate of risked net present values of future net revenue
of Contingent Resources and Prospective Resources is preliminary in
nature and is provided to assist the reader in reaching an opinion
on the merit and likelihood of the Company proceeding with the
required investment. It includes Contingent Resources and
Prospective Resources that are considered too uncertain with
respect to the Chance of Development and Chance of Discovery to be
classified as reserves. There is uncertainty that the risked net
present value of future net revenue will be realized.
Recoverable Volumes
Summary of Total Company Interest Contingent Resources
(Development Pending)(5)(6)(8)(9)(10)
The following table summarizes GLJ's estimate of the Unrisked
Recoverable Volumes associated with the Company's Contingent
Resources (Development Pending) including Light and Medium Oil,
Residue Gas, Natural Gas Liquids, and Oil Equivalent (each as
defined under NI 51-101) for the Company's Ortoire exploration
prospects.
Product Type Unrisked
------------------------------------------------------------
Low Best High
Estimate(2) Estimate(3) Estimate(4)
--------------------- ------------------- ----------------
Gross Net(1) Gross Net(1) Gross Net(1)
Light & Medium Oil (Mbbl) 495 396 1,180 944 2,738 2,190
Residue Gas (MMcf) 8,190 6,552 13,230 10,584 20,160 16,128
Natural Gas Liquids (Mbbl) 109 87 368 294 874 699
---------------------------- ------------ ------- ------- ---------- ------- -------
Oil Equivalent (Mboe) 1,969 1,575 3,753 3,002 6,970 5,576
---------------------------- ------------ ------- ------- ---------- ------- -------
Summary of Total Company Interest Prospective Resources
(Prospect)(5)(7)(8)(9)(10)
The following is a summary of GLJ's estimate of the Unrisked
Recoverable Volumes associated with the Company's Prospective
Resources (Prospect) including Light and Medium Oil, Residue Gas,
Natural Gas Liquids, and Oil Equivalent for the Company's Ortoire
exploration prospects.
Product Type Unrisked
------------------------------------------------------
Low Best High
Estimate(2) Estimate(3) Estimate(4)
---------------- ---------------- ------------------
Gross Net(1) Gross Net(1) Gross Net(1)
Light & Medium
Oil (Mbbl) 1,980 1,584 7,800 6,240 23,460 18,768
Residue Gas (MMcf) 18,486 14,789 80,334 64,267 212,949 170,359
Natural Gas Liquids
(Mbbl) 431 345 2,313 1,850 7,554 6,043
--------------------- ------- ------- ------- ------- -------- --------
Oil Equivalent
(Mboe) 5,493 4,394 23,501 18,801 66,505 53,204
--------------------- ------- ------- ------- ------- -------- --------
The range of Recoverable Values are a function of the
uncertainty of various components used in the Prospect Evaluation
including subsurface variables (i.e. thickness, porosity, fill, net
to gross sand ratio, water saturation and hydrocarbon qualities) as
well as recovery factors. As exploration activities move forward
these variables will be better quantified.
The estimation of the magnitude of Touchstone's oil and gas
prospects on the Ortoire exploration block and the potential
commerciality of these prospects is in the early stages of
exploration and appraisal. There are a number of positive and
negative factors which GLJ took in to account in determining risk
and overall uncertainty. The key positive factors include:
-- Touchstone has operated in Trinidad since 2010 and has
sufficient drilling history and experience to be able to accurately
estimate the anticipated drilling and production costs with a
reasonable degree of certainty.
-- There have been a number of wells drilled on the Ortoire
block by prior operators. Many of these wells are documented and
several have associated production or hydrocarbon indications. All
of the prospects evaluated in the Prospect Evaluation have legacy
wells drilled in close proximity to the identified exploration
locations.
-- Prospects classified as Contingent Resources (Development
Pending) have legacy wells from the targeted reservoirs, which have
tested significant quantities of hydrocarbons or were previously on
production.
-- The Company's current exploration plan includes drilling
wells deeper than many of the legacy wells reviewed in the
evaluation, exposing the Company to potential hydrocarbon bearing
zones not observed or tested in the past.
-- Touchstone's initial development plans are based solely on
primary production strategies. Potential secondary and/or tertiary
production schemes were not considered in the Prospect Evaluation
and could result in increased future recovery factors.
-- Oil and gas markets and prices in Trinidad are strong
relative to many other jurisdictions and lend themselves to robust
project economics. The Company has access to both existing
infrastructure with reasonable investment and few obvious
impediments to market.
Negative factors with respect to the estimate of resources
include:
-- The majority of the available offset well data available
relevant to the Ortoire block prospects was obtained in the 1950s
and 1960s and the technology and interpretive techniques of the
time, and the data available to the Company cannot be verified
absolutely.
-- There is no publicly available long-term well production
performance from oil and/or gas prospects in the immediate area to
establish a production type curve specific to the prospect, thereby
requiring use of analogue information to establish development
plans and to confirm the Chance of Commerciality.
-- Recovery efficiencies are uncertain given the absence of
publicly available site specific long-term well production
performance data on the property.
-- Although petroleum activity is commonplace onshore in
Trinidad, should activity levels increase, timelines may likewise
increase to achieve government approvals and access development
infrastructure.
On a risked basis the Chance of Commerciality is the product of
the Chance of Discovery, which takes in to account the physical,
subsurface risks and the Chance of Development which looks at
future risks associated with bringing the prospects to market.
Chance of Developments risks include legal, regulatory, market
access, economics, commitment, and timing while the Chance of
Discovery risks include source, migration, trap, seal, and
reservoir.
Summary of Total Company Interest Contingent Resources
(Development Pending)(5)(6)(8)(9)(10)
The following table summarizes GLJ's estimate of the Risked
Recoverable Volumes associated with the Company's Contingent
Resources (Development Pending) including Light and Medium Oil,
Residue Gas, Natural Gas Liquids, and Oil Equivalent for the
Company's Ortoire exploration prospects. For the Company's
Contingent Resources, GLJ estimated the Chance of Commerciality of
these targets to be 95.0%.
Product Type Risked
---------------------------------------------------
Low Best High
Estimate(2) Estimate(3) Estimate(4)
--------------- ---------------- ----------------
Gross Net(1) Gross Net(1) Gross Net(1)
Light & Medium
Oil (Mbbl) 470 376 1,121 897 2,600 2,080
Residue Gas (MMcf) 7,780 6,224 12,569 10,055 19,153 15,322
Natural Gas Liquids
(Mbbl) 104 83 371 297 830 664
--------------------- ------ ------- ------- ------- ------- -------
Oil Equivalent
(Mboe) 1,871 1,497 3,565 2,852 6,623 5,298
--------------------- ------ ------- ------- ------- ------- -------
Summary of Total Company Interest Prospective Resources
(Prospect)(5)(7)(8)(9)(10)
The following is a summary of GLJ's estimate of the Risked
Recoverable Volumes associated with the Company's Prospective
Resources (Prospect) including Light and Medium Oil, Residue Gas,
Natural Gas Liquids, and Oil Equivalent for the Company's Ortoire
exploration prospects. For the Company's Prospective Resources, GLJ
estimated the average Chance of Commerciality of these targets to
be 33.9% as the calculated product of the Chance of Development
(average 95.0%) and Chance of Discovery (average 35.7%).
Product Type Risked
-----------------------------------------------------------
Low Best High
Estimate(2) Estimate(3) Estimate(4)
-------------------- ------------------- ----------------
Gross Net(1) Gross Net(1) Gross Net(1)
Light & Medium
Oil (Mbbl) 678 542 2,668 2,134 8,024 6,419
Residue Gas (MMcf) 6,250 5,000 27,184 21,747 71,895 57,516
Natural Gas Liquids
(Mbbl) 146 117 783 626 2,543 2,034
--------------------- ----------- ------- ------- ---------- ------- -------
Oil Equivalent
(Mboe) 1,865 1,492 7,981 6,385 22,549 18,039
--------------------- ----------- ------- ------- ---------- ------- -------
Net Present Value
Summary of Total Company Interest Net Present Value Contingent
Resources (Development Pending)(1)
The following table summarizes GLJ's estimate of the Unrisked
Net Present Value associated with the Company's Contingent
Resources (Development Pending).
Net Present Values Before Income Unrisked
Taxes Discounted at (% per year)
($000's)
---------------------------------- --------------------------------------------------
Low Best High
Estimate(2) Estimate(3) Estimate(4)
---------------------------------- -------------------- ------------- -------------
0% 19,615 61,287 158,627
5% 14,352 45,901 114,309
10% 10,585 35,434 86,860
15% 7,817 28,001 68,452
20% 5,736 22,540 55,405
Summary of Total Company Interest Net Present Value Prospective
Resources (Prospect)(1)
Below is a summary of GLJ's estimate of the Unrisked Net Present
Value associated with the Company's Prospective Resources
(Prospect).
Net Present Values Before Income Unrisked
Taxes Discounted at (% per year)
($000's)
---------------------------------- --------------------------------------------------
Low Best High
Estimate(2) Estimate(3) Estimate(4)
---------------------------------- -------------------- ------------- -------------
0% 74,045 487,947 1,712,406
5% 48,020 319,851 1,009,326
10% 31,410 219,666 649,688
15% 20,421 156,236 443,369
20% 12,940 114,176 315,803
Summary of Total Company Interest Net Present Value Contingent
Resources (Development Pending)(1)
The following table summarizes GLJ's estimate of the Risked Net
Present Value associated with the Company's Contingent Resources
(Development Pending).
Net Present Values Before Income Risked
Taxes Discounted at (% per year)
($000's)
---------------------------------- --------------------------------------------------
Low Best High
Estimate(2) Estimate(3) Estimate(4)
---------------------------------- -------------------- ------------- -------------
0% 18,634 58,223 150,696
5% 13,634 43,606 108,593
10% 10,056 33,662 82,517
15% 7,426 26,601 65,029
20% 5,449 21,413 52,635
Summary of Total Company Interest Net Present Value Prospective
Resources (Prospect)(1)
The following is a summary of GLJ's estimate of the Risked Net
Present Value associated with the Company's Prospective Resources
(Prospect).
Net Present Values Before Income Risked
Taxes Discounted at (% per year)
($000's)
---------------------------------- --------------------------------------------------
Low Best High
Estimate(2) Estimate(3) Estimate(4)
---------------------------------- -------------------- ------------- -------------
0% 25,338 166,192 582,224
5% 16,442 108,826 342,549
10% 10,765 74,656 220,087
15% 7,009 53,036 149,907
20% 4,452 38,709 106,561
Summary of Total Company Interest Production Upside(1)(10)
The table below summarizes the potential upside to the Company's
working interest production, as estimated by GLJ on an Unrisked
basis for both Contingent Resources and Prospective Resources in
Barrels of Oil Equivalent:
Peak Daily Oil Production (boepd) Low Best High
Estimate(2) Estimate(3) Estimate(4)
----------------------------------- ---------------------- ------------- -------------
Unrisked Contingent Resources 83 1,439 2,375
Unrisked Prospective Resources 2,042 8,640 16,673
For the Company's Contingent Resources and Prospective
Resources, in all estimated cases GLJ forecasted the date of first
commercial production to occur in late 2019. In both the Contingent
Resources and Prospective Resources analysis, Recoverable Volumes
have been estimated based on developed technology, and on offset
wells currently depleting analogous reservoirs within the basin.
The overall development strategy for the project is based upon a
conceptual model generated by the independent evaluator in
coordination with Touchstone.
Summary of Total Company Interest Future Development
Costs(1)
The following tables provide information regarding the
development costs deducted in the estimation of the Company's
future net revenue using forecast prices and costs as included in
the Prospect Evaluation.
Year ($000's) Contingent Resources (Development
Pending)
---------------------------------- -------------------------------------------
Low Best High
Estimate(2) Estimate(3) Estimate(4)
---------------------------------- ------------- ------------- -------------
2019 10,295 10,295 10,295
2020 - - -
2021 7,375 14,223 14,223
2022 - - 6,813
Thereafter - - -
---------------------------------- ------------- ------------- -------------
Total undiscounted 17,670 24,519 31,331
Total discounted at 10% per year 15,628 21,024 25,904
---------------------------------- ------------- ------------- -------------
Year ($000's) Prospective Resources (Prospect)
---------------------------------- -------------------------------------------
Low Best High
Estimate(2) Estimate(3) Estimate(4)
---------------------------------- ------------- ------------- -------------
2019 5,669 5,669 5,669
2020 14,770 14,770 14,770
2021 13,696 13,696 13,696
2022 21,332 21,332 21,332
Thereafter 4,386 67,514 173,688
---------------------------------- ------------- ------------- -------------
Total undiscounted 59,853 122,983 229,158
Total discounted at 10% per year 47,137 84,786 132,774
---------------------------------- ------------- ------------- -------------
Summary of Pricing, Inflation and Foreign Exchange
Assumptions
With respect to both Contingent Resources and Prospective
Resources, the following table sets forth the benchmark reference
prices, inflation and foreign exchange rates reflected in the
Prospect Evaluation.
Forecast Year Henry Hub Brent Blend Inflation US$/C$ Exchange
(US$/MMBtul)(11) FOB North Rate (%/year)(12) Rate(13)
Sea (US$/bbl)(11)
--------------------- ------------------ ------------------- ------------------- ----------------
2019 3.00 63.25 2.0 0.75
2020 3.17 68.50 2.0 0.77
2021 3.36 71.25 2.0 0.79
2022 3.51 73.00 2.0 0.81
2023 3.64 75.50 2.0 0.82
2024 3.71 78.00 2.0 0.83
2025 3.78 80.50 2.0 0.83
2026 3.86 83.41 2.0 0.83
2027 3.94 85.02 2.0 0.83
2028 4.00 86.66 2.0 0.83
Thereafter % change
per year 2.0% 2.0% Nil Nil
Resource Definitions
"Chance of Commerciality" is the arithmetic product of the
Chance of Discovery and the Chance of Development.
"Chance of Discovery" is the estimated probability that
exploration activities will confirm the existence of a significant
accumulation of potentially recoverable petroleum.
"Chance of Development" is the estimated probability that, once
discovered, a known accumulation will be commercially
developed.
"Contingent Resources" are those quantities of petroleum
estimated, as of a given date, to be potentially recoverable from
known accumulations using established technology or technology
under development, but which are not currently considered to be
commercially recoverable due to one or more contingencies.
"Prospective Resources" are those quantities of petroleum
estimated, as of a given date, to be potentially recoverable from
undiscovered accumulations by application of future development
projects. Prospective Resources have both an associated chance of
discovery and a chance of development.
Footnotes
(1) Touchstone's working interest in the Ortoire block
(exploration licences and production leases) is 80%.
(2) The low estimate is the P90 quantity. P90 means there is a
90% chance that the estimated quantity will be equaled or
exceeded.
(3) The best estimate is the P50 quantity. P50 means there is a
50% chance that the estimated quantity will be equaled or
exceeded.
(4) The high estimate is the P10 quantity. P10 means there is a
10% chance that the estimated quantity will be equaled or
exceeded.
(5) The totals are the arithmetic summation of probabilistic
estimates. Arithmetic summation may produce invalid results except
for the mean.
(6) Contingent Resources are those quantities of petroleum
estimated, as of a given date, to be potentially recoverable from
known accumulations using established technology or technology
under development, but which are not currently considered to be
commercially recoverable due to one or more contingencies.
Contingencies may include factors such as economic, legal,
environmental, political, and regulatory matters, or a lack of
markets. It is also appropriate to classify as Contingent Resources
the estimated discovered recoverable quantities associated with a
project in the early evaluation stage. Contingent Resources are
further classified in accordance with the level of certainty
associated with the estimates and may be subclassified based on
project maturity and/or characterized by their economic status.
There is uncertainty that it will be commercially viable to produce
any portion of the Contingent Resources.
(7) Prospective Resources are those quantities of petroleum
estimated, as of a given date, to be potentially recoverable from
undiscovered accumulations by application of future development
projects. Prospective Resources have both an associated Chance of
Discovery and a Chance of Development. Prospective Resources are
further subdivided in accordance with the level of certainty
associated with recoverable estimates assuming their discovery and
development and may be subclassified based on project maturity.
Prospective Resources have both an associated Chance of
Discovery and a Chance of Development. There is no certainty that
any portion of the prospective resources estimated herein will be
discovered. If discovered, there is no certainty that it will be
commercially viable to produce any portion of the Prospective
Resources evaluated. Estimates of the Prospective Resources should
be regarded only as estimates that may change as additional
information becomes available. Not only are such Prospective
Resources estimates based on that information which is currently
available, but such estimates are also subject to uncertainties
inherent in the application of judgmental factors in interpreting
such information. Prospective Resources should not be confused with
those quantities that are associated with Contingent Resources or
reserves due to the additional risks involved. Because of the
uncertainty of commerciality and the lack of sufficient exploration
drilling, the Prospective Resources estimated herein cannot be
classified as Contingent Resources or reserves. The quantities that
might actually be recovered, should they be discovered and
developed, may differ significantly from the estimates herein.
(8) The Contingent Resource and Prospective Resource estimates
contained in the Prospect Evaluation are expressed as gross working
interest resources. Working interest Contingent Resources and
Prospective Resources incorporate the fraction of potential
hydrocarbon pore volume which would be owned or partially owned by
Touchstone, before deduction of any associated royalty burdens,
following a declaration of commerciality. Recovery efficiency is
applied to the Recoverable Volumes noted.
(9) The estimation of resources quantities for a prospect is
subject to both technical and commercial uncertainties and, in
general, may be quoted as a range. The range of uncertainty
reflects a reasonable range of estimated potentially recoverable
quantities. Estimates of petroleum resources herein are expressed
using the terms low estimate, best estimate, and high estimate to
reflect the range of uncertainty.
(10) Barrel of oil equivalent includes technical conversions to
standardize recoverable volumes of oil, natural (residue) gas, and
natural gas liquids. A BOE conversion ratio of 6 mcf: 1 bbl is
based on an energy equivalency conversion method primarily
applicable at the burner tip and does not represent a value
equivalency at the wellhead. 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 6:1,
utilizing a 6:1 conversion basis may be misleading as an indication
of value.
(11) The summary table identifies benchmark reference pricing
schedules that might apply to a reporting issuer. Product sales
prices will reflect these reference prices with further adjustments
for quality differentials and transportation to point of sale.
(12) Inflation rates for forecasting pricing and costs.
(13) Exchange rates used to generate the benchmark reference prices in this table.
About Touchstone
Touchstone Exploration Inc. is a Calgary 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:
Touchstone Exploration Inc.
Mr. Paul Baay, President and Chief Executive Officer Tel: +1
(403) 750-4487
Mr. James Shipka, Chief Operating Officer
www.touchstoneexploration.com
Shore Capital (Nominated Advisor and Joint Broker)
Nominated Advisor: Edward Mansfield / Mark Percy / Daniel Bush Tel: +44 (0) 207 408 4090
Corporate Broking: Jerry Keen
GMP FirstEnergy (Joint Broker)
Jonathan Wright / Hugh Sanderson Tel: +44 (0) 207 448 0200
Camarco (Financial PR)
Nick Hennis / Jane Glover / Billy Clegg Tel: +44 (0) 203 757
4980
Advisories
Forward-Looking Statements
Certain information provided in this announcement may constitute
forward-looking statements within the meaning of applicable
securities laws. Forward-looking information in this announcement
may include, but is not limited to, statements relating to the
Company's exploration and development plans and strategies, and
estimated Recoverable Volumes and Net Present Value of the
Contingent Resources and Prospective Resources including the
estimated total costs required to achieve commercial production,
the general timeline of the project, the estimated date of first
commercial production, and the recovery technology to be used in
achieving commercial production. 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. Because
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 December 31, 2017
Annual Information Form dated March 26, 2018 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.
Statements relating to reserves are by their nature
forward-looking statements, as they involve the implied assessment,
based on certain estimates and assumptions, that the resources
described exist in the quantities predicted or estimated, and can
be profitably produced in the future. The recovery estimates
provided herein are estimates only, and there is no guarantee that
the estimated resources will be recovered. Consequently, actual
results may differ materially from those anticipated in the
forward-looking statements.
Net Present Value vs. Fair Market Value
It should not be assumed that the present worth of estimated
future net revenues presented in the tables above represent the
fair market value of the reserves. There is no assurance that the
forecast prices and costs assumptions will be attained, and
variances could be material.
Crude Oil Abbreviations
boepd barrels of oil equivalent per day
Mbbl one thousand barrels
Mboe one thousand barrels of oil equivalent
MMcf one million cubic feet
Competent Persons Statement
In accordance with the AIM Rules for Companies, the technical
information contained in this announcement has been reviewed and
approved by James Shipka, Chief Operating Officer of Touchstone
Exploration Inc. Mr. Shipka is a qualified person as defined in the
London Stock Exchange's Guidance Note for Mining and Oil and Gas
Companies and is a Fellow of the Geological Society of London (BGS)
as well as of member of the Canadian Society of Petroleum
Geologists and the Geological Society of Trinidad and Tobago. Mr.
Shipka has a Bachelor of Science in Geology from the University of
Calgary and has over 30 years of oil and gas exploration and
development experience.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCGGUGCGUPBUQM
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