Touchstone Exploration completes USD28.4 million purchase of STCBL

(Alliance News) - Touchstone Exploration Inc on Friday said it has closed a deal to acquire Shell Trinidad Central Block Ltd for USD28.4 million.

The onshore oil and gas producer in Trinidad said STCBL holds a 65% participating interest in the onshore Central block exploration and production licence in Trinidad, which includes four producing natural gas wells and a gas processing facility.

It said the remaining 35% interest is held by the state-owned Heritage Petroleum Company Ltd.

Touchstone said it will revise its 2025 guidance as it integrates the acquired assets.

"The closing of this acquisition marks a significant milestone for Touchstone as we continue to expand our portfolio of high-quality assets in Trinidad," said Chief Executive Officer Paul Baay.

"This transaction strengthens our production base, allows us access to the liquefied natural gas market, broadens our onshore presence, and enhances our operational capacity in a region where we see long-term strategic value. We look forward to integrating these assets and unlocking their full potential for the benefit of our shareholders and stakeholders."

Shares in Touchstone Exploration were down 2.1% to 19.21 pence in London on Friday morning.

By Michael Hennessey, Alliance News reporter

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