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RNS Number : 0647R
Touchstone Exploration Inc.
27 February 2023
CASCADURA FACILITY UPDATE
CALGARY, ALBERTA (February 27, 2023) - Touchstone Exploration
Inc. ("Touchstone", "we", "our", "us" or the "Company") (TSX, LSE:
TXP) reports that on February 24, 2023, the Company was notified by
The National Gas Company of Trinidad and Tobago Limited ("NGC")
that they expect to be ready to receive first gas from the
Cascadura natural gas and associated liquids facility on or about
June 30, 2023.
Touchstone remains on track to complete the Cascadura facility
prior to this date to ensure production can commence as soon as NGC
is in a position to receive first gas. The approximate construction
status of the Cascadura facility is as follows:
-- the civil and concrete foundation work for the main process
facility equipment is complete;
-- the flare stack is procured, with the associated foundation
work commencing imminently;
-- the communication tower is approximately 80 percent complete;
-- the pipe racks are approximately 90 percent assembled with
hydrotesting initiated, and the units are expected to arrive
at the facility within the next three weeks;
-- on-site condensate tanks are approximately 65 percent complete;
-- the compressors, separators, and vapour recovery units have
been safely transported to the facility; and
-- all process equipment for the facility has been acquired.
Paul Baay, President and Chief Executive Officer, commented:
"We are encouraged to have received an expected first gas date
from NGC. Although this is later than we were anticipating, we can
now plan the final phase of our various work streams to minimize
costs and optimize services.
First gas from Cascadura will be a transformative achievement
for Touchstone, and we thank shareholders for their continued
support and patience as we work towards this significant
milestone.
We expect that the funds raised late last year and our current
base production will allow us to complete drilling the Royston-1X
well and prepare our next development locations at Cascadura while
we finalize construction of the Cascadura facility. "
For further information about Touchstone, please visit our
website at www.touchstoneexploration.com or contact:
Touchstone Exploration Inc.
Paul Baay, President and Chief Executive T: +1 (403) 750 4487
Officer
Brian Hollingshead, VP Engineering and
Business Development
Shore Capital (Nominated Advisor and Joint
Broker)
Daniel Bush / Toby Gibbs / Iain Sexton T: +44 (0) 207 408 4090
Canaccord Genuity (Joint Broker)
Adam James / Gordon Hamilton T: +44 (0) 207 523 8000
FTI Consulting (Financial PR)
Nick Hennis / Ben Brewerton T: +44 (0) 203 727 1000
E: 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 the Company's capital
plans and strategies, including Cascadura facility construction
operations and the expected timing of completion and initial
production, and the Company's current and future financial position
including the sufficiency of resources to fund future capital
expenditures and maintain financial liquidity. 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.
This announcement contains information that qualified or may
have qualified as inside information for the purposes of Article 7
of the Market Abuse Regulation (EU) 596/2014 ("MAR") as it forms
part of UK domestic law by virtue of the EUWA ("UK MAR"),
encompassing information relating to the Company's Cascadura
project first natural gas date. For the purposes of UK MAR and
Article 2 of the binding technical standards published by the
Financial Conduct Authority in relation to MAR as regards
Commission Implementing Regulation (EU) 2016/1055, the person
responsible for the release of this announcement is Paul Baay,
President and Chief Executive Officer of Touchstone Exploration
Inc.
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END
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February 27, 2023 02:00 ET (07:00 GMT)
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