TIDMTXP
RNS Number : 8126S
Touchstone Exploration Inc.
14 March 2019
OPERATIONAL UPDATE AND NOTICE OF RESULTS
Calgary, Alberta - March 14, 2019 - Touchstone Exploration Inc.
("Touchstone" or the "Company") (TSX / LSE: TXP) announces an
operational update.
Highlights
-- Achieved January and February 2019 crude oil sales of 1,994
and 2,179 barrels per day ("bbls/d"), respectively.
-- Realized average prices of US$52.00 per barrel and US$56.84
per barrel for January and February crude oil volumes,
respectively.
-- Current field estimated production is approximately 2,358
bbls/d (based on the previous seven-day average).
-- Production from the 11 wells drilled in 2018 are currently
contributing an average of 993 bbls/d to current field estimated
production.
-- Received Certificates of Environmental Compliance ("CEC") for
seven drilling locations on our Ortoire exploration property.
Notice of Results
The Company expects to release financial results for the three
months and year ended December 31, 2018 on March 27, 2019.
Production
Touchstone has initially completed all of the wells drilled in
its 2018 drilling campaign. Due to best practice in Trinidad, the
Company initially completed the lower most sands in each of the
wells. Upon evaluation of production rates and economic viability,
several of the initial completed zones were suspended, with the
Company moving uphole to more prospective targets. To date, the
Company has eight of the 11 wells optimized with the remaining
three awaiting final approval to complete additional sands. Upon
receipt of the customary regulatory approvals, the Company will
proceed with the proposed workovers.
The Company received average prices of US$52.00 per barrel for
the month of January and US$56.84 per barrel for the month of
February, which represented a 12.5% and 11.1% discount to Brent
reference pricing, respectively. For comparison purposes, the
Company received an average price of US$58.41 in the fourth quarter
of 2018, which represented a discount of 15.1% to average Brent
reference pricing over the period. The Company has collected its
monthly crude oil sales payments from the recently formed Heritage
Petroleum Company Limited in a timely manner pursuant to the
transferred marketing agreements.
Paul Baay, President and Chief Executive Officer, commented:
"The team continues to optimize the wells drilled in the 2018
program which has resulted in significant changes to our stabilized
base production rates. Several of the wells are pool extensions and
as such have shown much higher pressures than we have encountered
in the past, which has also resulted in higher initial production
rates. These wells have also verified a number of new geological
concepts that will further expand our development drilling
inventory."
Ortoire Block
The Company has submitted all required documentation for four
CECs, which represent a total of 14 drilling locations on the
Ortoire property. Two CECs covering seven drilling locations have
been approved to date, and the Company anticipates that the final
two CECs will be approved within the next 30 days. In addition, the
Company has commenced securing the required services to drill the
Coroson exploration well.
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
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 current
field estimated crude oil production volumes, the expected timing
of regulatory approvals, the potential undertaking, timing,
locations, production rates and costs of future well drilling,
completion and exploration activities, and the sufficiency of
resources and available financing to fund future exploration,
drilling and completion 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 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.
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
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