TIDMTXP
RNS Number : 7424U
Touchstone Exploration Inc.
03 August 2022
NOTICE OF PRE-COMMISSIONING AND COMMISSIONING OF COHO FACILITY
AND PIPELINE
CALGARY, ALBERTA (August 3, 2022) - Touchstone Exploration Inc.
( " Touchstone ", "we", "our", "us" or the " Company " ) (TSX, LSE:
TXP) announces that the Company has summitted a notice to residents
in the community that the Coho gas facility and pipeline will
commence pre-commissioning and commissioning operations. Pursuant
to the Coho Certification of Environmental Clearance, residential
notification is required to be made a minimum of five business days
prior to the commencement of operations. The Coho area is located
in the Ortoire block, where Touchstone has an 80 percent operating
working interest and Heritage Petroleum Company Limited holds the
remaining 20 percent working interest.
The pre-commissioning of the gas facility and pipeline consists
of testing all electronics, alarms, and operating systems in the
facility, testing of the flare and emergency shutdown systems, as
well as purging air from the system using inert nitrogen gas.
Subsequent to these operations, system commissioning operations
will commence, which entails the introduction of natural gas from
the Coho-1 well into the facility and pipeline in a step rate
manner, officially bringing the system onstream to the Central
block natural gas facility.
Coho-1 will commence production following completion of the
commissioning and pipeline handover process, with the expectation
that production will increase over time to 10 MMcf/d (1,667 boe/d)
gross, 8 MMcf/d (1,333 boe/d) net. Touchstone will provide further
information once production is optimized through the system.
Paul Baay, President and Chief Executive Officer, commented:
"The completion of the Coho facility and pipeline will be a
significant milestone for Touchstone, as it will represent our
first natural gas production and is expected to double our current
production on a boe basis. Throughout this process we have
encountered challenges that have provided us valuable knowledge to
streamline the construction of the Cascadura facility. During the
pre-commissioning and commissioning process, we will need to
balance the system with the well, pipeline and Central block
facility. We will keep all stakeholders informed of our progress,
and I would personally like to thank our shareholders for their
continued patience as we proceed to full commercial
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:
Touchstone Exploration Inc.
Mr. Paul Baay, President and Chief Executive Officer Tel: +1
(403) 750-4487
Mr. 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
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
are not limited to, statements relating to Touchstone's development
and exploration plans and strategies, including anticipated
production timelines, forecasted initial production rates derived
from previous well production tests, anticipated pre-commissioning
and commissioning operations 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 2021
Annual Information Form dated March 25, 2022 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 to update
publicly or revise any forward-looking statements made herein or
otherwise, whether as a result of new information, future events or
otherwise.
Oil and Gas Measures
Where applicable, natural gas has been converted to barrels of
oil equivalent based on six thousand cubic feet to one barrel of
oil. The barrel of oil equivalent rate is based on an energy
equivalent conversion method primarily applicable at the burner
tip, and 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 the 6:1 conversion ratio, utilizing
the 6:1 conversion ratio may be misleading as an indication of
value.
Abbreviations
boe barrels of oil equivalent
boe/d barrels of oil equivalent per day
MMcf/d million cubic feet per day
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END
MSCQXLBBLVLBBBD
(END) Dow Jones Newswires
August 03, 2022 02:09 ET (06:09 GMT)
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