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RNS Number : 9411O
Touchstone Exploration Inc.
06 February 2023
COMMENCEMENT OF ROYSTON-1X OPERATIONS
CALGARY, ALBERTA (February 6, 2023) - Touchstone Exploration
Inc. ("Touchstone", "we", "our", "us" or the "Company") (TSX, LSE:
TXP) reports that it has commenced operations at the Royston-1X
sidetrack well located on the onshore Ortoire block in the Republic
of Trinidad and Tobago. Touchstone has an 80 percent operating
working interest in the well, with Heritage Petroleum Company
Limited holding the remaining 20 percent working interest.
Touchstone has completed the mobilization of Star Valley
Drilling Rig #25 to the Royston surface location, and the drilling
rig has passed all required pre-drilling inspections. Royston-1X is
a sidetrack well reentering the previously drilled Royston-1 well
and is expected to be drilled to a measured depth of 11,300 feet,
targeting hydrocarbon accumulations in the Middle Miocene Herrera
overthrust, intermediate, and subthrust sheets.
The Royston-1 exploration well was drilled in 2021 to a total
depth of 10,700 feet and identified over 1,000 feet of Herrera
section in the overthrust and intermediate sheets, encountering
light, sweet crude oil in both sheets.
Touchstone is targeting to drill the Royston-1X well through the
previously tested Herrera sands to penetrate new sands at the base
of the intermediate sheet and into the untested subthrust sheet.
The well is anticipated to be drilled and logged within 45 days,
and the Company will provide further updates when drilling
operations are completed.
Paul Baay, President and Chief Executive Officer, commented:
" The Royston-1 well drilled in 2021 showed tremendous
potential, flowing significant volumes of 33-degree API oil from
both the overthrust and intermediate sheets; however, mechanical
challenges prevented meaningful production from the well. The
challenges encountered at Royston-1 and the lessons learnt have
helped us to design a drilling plan to optimally evaluate the
Herrera Formation. As we target the deeper level, our enhanced
understanding of the structure will allow us to assess the full
potential of the intermediate sheet, which was not fully penetrated
or completed in Royston-1, as well as the subthrust sheet which is
a prolific target in offsetting oil pools.
Following our recent capital raise, we are excited for 2023 as
we commence our latest drilling program and continue construction
of our Cascadura facility with a goal of bringing on production as
soon as practicable."
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
FTI Consulting (Financial PR)
Nick Hennis / Ben Brewerton Tel: +44 (0) 203 727 1000
Email: touchstone@fticonsulting.com
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 " .
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 strategies
and goals, including initial production from Cascadura and the
timing thereof, the quality and quantity of prospective hydrocarbon
accumulations based on internal interpretations of wireline logs,
and the Company's exploration plans and strategies, including
future exploration and drilling plans and anticipated drilling
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 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.
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 a 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.
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END
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February 06, 2023 02:00 ET (07:00 GMT)
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