TIDMTXP
RNS Number : 1395J
Touchstone Exploration Inc.
18 December 2020
TOUCHSTONE ENTERS INTO A NATURAL GAS SALES AGREEMENT WITH THE
NATIONAL GAS COMPANY OF TRINIDAD AND TOBAGO
CALGARY, ALBERTA (December 18, 2020) - Touchstone Exploration
Inc. ( " Touchstone ", "we", "our", "us" or the " Company " ) (TSX,
LSE: TXP) is pleased to announce that it's indirect wholly-owned
subsidiary has executed a long-term natural gas sales agreement
with the National Gas Company of Trinidad and Tobago Limited
("NGC") for all future natural gas production from the Ortoire
block ( Touchstone 80% working interest operator, Heritage
Petroleum Company Limited 20% working interest) .
Per NGC's Media release dated December 18, 2020
NGC, Touchstone in gas supply Partnership
The National Gas Company of Trinidad and Tobago Limited (NGC)
signed a natural gas supply agreement with Primera Oil and Gas
Limited, a subsidiary of Canadian energy exploration company
Touchstone Exploration on Friday 18(th) December 2020. Primera,
acting on behalf of its Joint Venture partner Heritage Petroleum
Company Limited, will supply gas from the Ortoire Block, initially
from the Coho-1 field.
Paul Baay CEO of Touchstone commented: "This agreement provides
a stable, multi-decade revenue stream for Touchstone to fully
develop the world-class asset at Ortoire. This transforms the
company from being an exploration company to one that is a full
cycle energy provider. The structure of the agreement provides the
shareholders of Touchstone with a predictable cash flow and
earnings stream for years to come while minimising the capital
required to maximise the resource."
Chief Executive Officer of Heritage Petroleum Arlene Chow said,
"This strategic partnership is not only promising for the industry
and the companies involved, but ultimately, it will greatly benefit
the people of Trinidad and Tobago. "
NGC's President Mark Loquan noted that this signaled an
important milestone in the country's gas story. "NGC is unwavering
in its commitment to secure natural gas through innovation and
strategic partnerships, especially in these challenging times. This
is notable because onshore natural gas production has been for so
long overlooked in the sector."
He also congratulated the teams who worked on the agreement,
affirming that, "...in an epoch where the energy industry here and
globally rarely fields a good story, this one bodes well for
Trinidad and Tobago."
For more information:
Lisa Burkett, Manager, Corporate Communications
The National Gas Company of Trinidad and Tobago Limited
(NGC)
Orinoco Drive, Point Lisas
Lisa.Burkett@ngc.co.tt
Touchstone Operational Update
Touchstone has mobilized a service rig to the Chinook-1 location
to perform a comprehensive completion and production testing
program. The Company expects to perform three production tests to
evaluate reservoir pressures and hydrocarbon deliverability of the
Herrera sands observed while drilling and defined by open hole
wireline logs. The first test will evaluate the previously untested
subthrust Herrera sands while the other tests are expected to
investigate the potential of the intermediate and overthrust
Herrera sand intervals. We anticipate final results from the
Chinnok-1 production testing program in the first quarter of
2021.
Following testing at Chinook-1, the service rig is expected to
immediately move to the Cascadura Deep-1 location. The Cascadura
Deep-1 production testing program is anticipated to include flow
and buildup testing of three zones of interest. The first two tests
plan to evaluate sands observed in two previously untested thrust
sheets in the intermediate Herrera that are below the sands
observed in the Cascadura-1ST1 well, while the third test will
assess the base of the sands which were observed but not fully
penetrated in the Cascadura-1ST1 well.
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. Scott Budau, Chief Financial Officer
Mr. James Shipka, Chief Operating Officer
Shore Capital (Nominated Advisor and Joint Broker)
Nominated Advisor: Edward Mansfield / Daniel Bush / Michael McGloin Tel: +44 (0) 207 408 4090
Corporate Broking: Jerry Keen
Canaccord Genuity (Joint Broker)
Adam James / Henry Fitzgerald O'Connor / Thomas Diehl Tel: +44
(0) 207 523 8000
Camarco (Financial PR)
Nick Hennis / Billy Clegg 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
is not limited to, statements relating to the Company's exploration
plans and strategies, including anticipated drilling, timing,
production testing, development, tie-in, facilities construction,
and ultimate production from exploration and development wells.
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 2019 Annual Information Form dated March
25, 2020 which has been filed on SEDAR and can be accessed at
www.sedar.com. The forward-looking statements contained in this
news release 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
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