CALGARY, AB /ACCESSWIRE/October 11, 2022/ Touchstone Exploration Inc. (“Touchstone”, “we”, “us”, “our” or the “Company”) (TSX, LSE: TXP) is pleased to report that the Coho facility has safely delivered the first natural gas, representing the first onshore natural gas project to be commissioned in Trinidad and Tobago in over twenty years. The Coho area is located in the Ortoire Block, where Touchstone holds an 80% working interest and Heritage Petroleum Company Limited holds the remaining 20% interest.
On September 26, 2022, the Coho facility was approved by the Certified Verification Officer of the Ministry of Energy and Power Industries of Trinidad and Tobago quickly authorizing the commissioning of the facility. On September 27, 2022, we began commissioning and completed commercial deliveries on October 10, 2022, with an estimated sustained gross field production rate of approximately 10.5 million cubic feet per day (approximately 8.4 million net cubic feet per day).
We will continue to monitor the Coho-1 well with the goal of optimizing production. Concurrent with initial production, we sold the 2.7 kilometer 6-inch gathering pipeline connecting our Coho facility to the Baraka natural gas facility to The National Gas Company of Trinidad and Tobago Limited (“NGC”) . Natural gas output from the Coho facility will be sold to NGC under a natural gas sales agreement signed in December 2020.
Paul Baay, President and CEO, said:
“This is very exciting for the company as the production of Coho represents the first step in diversifying our product line in Trinidad. The Coho facility is capable of producing 24 million cubic feet of raw natural gas per day. , which gives us the opportunity to potentially add additional production volumes through a combination of additional drilling and well optimization. I would also like to acknowledge the collective contributions of our team in making this project a success. Being the first onshore gas project in over twenty years, we have learned from the process, that we expect will provide a solid foundation for continued improvement as we pursue our larger Cascadura project.”
Touchstone Exploration Inc.
Touchstone Exploration Inc. is a Calgary, Alberta-based company engaged in the acquisition of interests in oil and gas rights as well as the exploration, development, production and sale of petroleum and of natural gas. Touchstone is currently active in onshore properties located in the Republic of Trinidad and Tobago. The common shares of the Company are traded on the Toronto Stock Exchange and on the AIM market of the London Stock Exchange under the symbol “TXP”.
For more information about Touchstone, please visit our website at www.touchstoneexploration.com or contact:
Mr. Paul Baay, President and CEO
Mr. James Shipka, Chief Operating Officer
Mr. Scott Budau, Chief Financial Officer
Certain information provided in this press release may constitute forward-looking statements and information (collectively, “forward-looking statements”) within the meaning of applicable securities laws. These forward-looking statements include, but are not limited to, forecasts, estimates, expectations and targets for future transactions that are subject to assumptions, risks and uncertainties, many of which are beyond the Company’s control. 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”, “could”, “might” or “should” occur or be achieved.
Forward-looking statements in this press release may include, but are not limited to, statements relating to Touchstone’s development and exploration plans and strategies, including future well drilling and optimization operations and estimated production rates in the field. 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 as the Company cannot guarantee that they will prove to be correct. Because forward-looking statements address future events and conditions, they, by their very nature, involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Some of these risks are described 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 press release are made as of the date hereof, and except as required by applicable securities laws, the Company undertakes no obligation or intention to publicly update or revise the statements. prospective made here or otherwise. , whether as a result of new information, future events or otherwise.
THE SOURCE: Touchstone Exploration, Inc.