EXECUTION OF ONSHORE BID
ROUND EXPLORATION LICENCES
CALGARY, ALBERTA (July 2, 2024) -
Touchstone Exploration Inc. ("Touchstone",
"we", "our" or the "Company") (TSX, LSE: TXP) announces that
Primera Oil and Gas Limited ("POGL"), our wholly owned Trinidadian
subsidiary, has entered into Exploration and Production (Public
Petroleum Rights) Licences for the Cipero and Charuma blocks
(collectively, the "Licences") effective July 1, 2024.
The Cipero and Charuma blocks were
awarded to POGL pursuant to the Trinidad and Tobago 2022 Onshore
and Nearshore Competitive Bid Round. The Licences were fully
executed by representatives from POGL, the Government of Trinidad
and Tobago, the Trinidad and Tobago Ministry of Energy and Energy
Industries ("MEEI"), and a subsidiary of the National Gas Company
of Trinidad and Tobago ("NGC").
POGL has an 80 percent operating
working interest under each Licence, with NGC holding the remaining
20 percent working interest. Similar to the Company's Ortoire
licence, the Licences initially have a six-year term and may be
extended by an additional 19 years for areas that have a MEEI
approved commercial discovery.
Summary of Licences
Block
|
Cipero
|
Charuma
|
|
|
|
Gross acreage
|
29,924
|
72,784
|
POGL operating working
interest
|
80 percent
|
80 percent
|
NGC working interest
|
20 percent
|
20 percent
|
Minimum work
commitments:(1)
|
|
|
Geological studies
|
Conduct five studies
|
Conduct five studies
|
Reprocess 2D seismic
|
426 kilometres
|
784 kilometres
|
Reprocess 3D seismic
|
n/a
|
61 square kilometres
|
Exploration drilling
|
Four wells
|
One well
|
Financial obligations over the
six-year initial licence term(1)(2)
|
US$2.2 million
|
US$4.8 million
|
Notes:
(1) Gross reserves
are the Company's working interest share before deduction of
royalties.
(2)
Reserve additions exclude period production. See
"Advisories: Oil and Gas
Metrics".
(3) Based on the
three Consultants' average December 31, 2022 forecast prices and
costs. See "Forecast prices and
costs".
|
|
|
Notes:
(1) POGL is responsible for 100 percent of the exploration minimum
work commitments and financial obligations over the initial
six-year exploration term of the relevant licence.
(2) Financial
obligations are amounts payable pursuant to the applicable license,
which include bonuses, lease payments and surface rental
costs.
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
Scott Budau, Chief Financial
Officer
|
Tel: +1 (403) 750-4487
|
Shore Capital (Nominated Advisor and Joint
Broker)
Daniel Bush / Toby Gibbs / Tom
Knibbs
|
Tel: +44 (0) 207 408 4090
|
Canaccord Genuity (Joint Broker)
Adam James / Ana
Ercegovic
|
Tel: +44 (0) 207 523 8000
|
FTI
Consulting (Financial PR)
Nick Hennis / Ben Brewerton
|
Tel: +44 (0) 203 727 1000
Email: touchstone@fticonsulting.com
|
Advisory Regarding Forward-Looking
Statements
The information provided in this
announcement contains certain 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 "expect", "plan", "anticipate",
"believe", "intend", "maintain", "continue to", "pursue", "design",
"result in", "sustain" "estimate", "potential", "growth",
"near-term", "long-term", "forecast", "contingent" 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 hereof 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 business plans, strategies,
priorities and development plans; the anticipated exploration
activities to be conducted in connection with the Licenses 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 2023 Annual
Information Form dated March 20, 2024 which is available under the
Company's profile on SEDAR+ (www.sedarplus.ca)
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.