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Pin to quick picksTouchstone Exploration Regulatory News (TXP)

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NOTICE OF PRE-COMMISSIONING AND COMMISSIONING

3 Aug 2022 07:09

RNS Number : 7424U
Touchstone Exploration Inc.
03 August 2022
 

NOTICE OF PRE-COMMISSIONING AND COMMISSIONING OF COHO FACILITY AND PIPELINE

 

CALGARY, ALBERTA (August 3, 2022) - Touchstone Exploration Inc. ("Touchstone", "we", "our", "us" or the "Company") (TSX, LSE: TXP) announces that the Company has summitted a notice to residents in the community that the Coho gas facility and pipeline will commence pre-commissioning and commissioning operations. Pursuant to the Coho Certification of Environmental Clearance, residential notification is required to be made a minimum of five business days prior to the commencement of operations. The Coho area is located in the Ortoire block, where Touchstone has an 80 percent operating working interest and Heritage Petroleum Company Limited holds the remaining 20 percent working interest.

 

The pre-commissioning of the gas facility and pipeline consists of testing all electronics, alarms, and operating systems in the facility, testing of the flare and emergency shutdown systems, as well as purging air from the system using inert nitrogen gas. Subsequent to these operations, system commissioning operations will commence, which entails the introduction of natural gas from the Coho-1 well into the facility and pipeline in a step rate manner, officially bringing the system onstream to the Central block natural gas facility.

 

Coho-1 will commence production following completion of the commissioning and pipeline handover process, with the expectation that production will increase over time to 10 MMcf/d (1,667 boe/d) gross, 8 MMcf/d (1,333 boe/d) net. Touchstone will provide further information once production is optimized through the system.

 

Paul Baay, President and Chief Executive Officer, commented:

 

"The completion of the Coho facility and pipeline will be a significant milestone for Touchstone, as it will represent our first natural gas production and is expected to double our current production on a boe basis. Throughout this process we have encountered challenges that have provided us valuable knowledge to streamline the construction of the Cascadura facility. During the pre-commissioning and commissioning process, we will need to balance the system with the well, pipeline and Central block facility. We will keep all stakeholders informed of our progress, and I would personally like to thank our shareholders for their continued patience as we proceed to full commercial production."

 

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. 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

 

 

Camarco (Financial PR)

Billy Clegg / Emily Hall / Lily Pettifar 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 are not limited to, statements relating to Touchstone's development and exploration plans and strategies, including anticipated production timelines, forecasted initial production rates derived from previous well production tests, anticipated pre-commissioning and commissioning 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 to update publicly or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.

 

Oil and Gas Measures

 

Where applicable, natural gas has been converted to barrels of oil equivalent based on six thousand cubic feet to one barrel of oil. The barrel of oil equivalent rate is based on an energy equivalent conversion method primarily applicable at the burner tip, and given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different than the energy equivalency of the 6:1 conversion ratio, utilizing the 6:1 conversion ratio may be misleading as an indication of value.

 

Abbreviations

 

boe barrels of oil equivalent

boe/d barrels of oil equivalent per day

MMcf/d million cubic feet per day

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
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MSCQXLBBLVLBBBD
Date   Source Headline
9th Sep 20197:00 amRNSPOSITIVE COHO-1 EXPLORATION WELL RESULTS
5th Sep 20197:02 amRNSEMPLOYEE SHARE PURCHASE PLAN & DIRECTOR PURCHASES
2nd Sep 20193:56 pmRNSStandard form for notification of major holdings
14th Aug 20197:00 amRNSInterim Results
8th Aug 20197:07 amRNSSpudding of COHO-1 and Notice of Interim Results
7th Aug 20197:00 amRNSEMPLOYEE SHARE PURCHASE PLAN & DIRECTOR PURCHASES
5th Jul 20197:00 amRNSSHARE PURCHASE PLAN AND DIRECTOR / PDMR PURCHASES
27th Jun 20197:00 amRNSLifting of Stock Restriction
13th Jun 20197:00 amRNSAPPROVAL OF RESOLUTIONS AT AGM
12th Jun 20194:05 pmRNSHoldings in Company
5th Jun 20197:00 amRNSEMPLOYEE SHARE PURCHASE PLAN & DIRECTOR PURCHASES
14th May 20197:22 amRNSFIRST QUARTER 2019 RESULTS
13th May 20197:00 amRNSOnline Investor Presentation and Q&A session
3rd May 20193:59 pmRNSEMPLOYEE SHARE PURCHASE PLAN & DIRECTOR PURCHASES
8th Apr 20197:00 amRNSGRANT OF SHARE OPTIONS
2nd Apr 20195:47 pmRNSEMPLOYEE SHARE PURCHASE PLAN & DIRECTOR PURCHASES
2nd Apr 20195:01 pmRNSTERM CREDIT FACILITY EXTENSION
27th Mar 20197:00 amRNSYEAR-END 2018 RESULTS
25th Mar 20194:16 pmRNSStandard form for notification of major holdings
25th Mar 20197:00 amRNSOnline Investor Presentation and Q&A session
14th Mar 20197:00 amRNSOPERATIONAL UPDATE AND NOTICE OF RESULTS
7th Mar 20197:00 amRNSEMPLOYEE SHARE PURCHASE PLAN & DIRECTOR PURCHASES
7th Mar 20197:00 amRNS2018 YEAR-END RESERVES
19th Feb 20197:00 amRNS£3.8m (C$6.5m) PRIVATE PLACEMENT
8th Feb 20197:00 amRNSEMPLOYEE SHARE PURCHASE PLAN
17th Jan 20197:00 amRNSORTOIRE INDEPENDENT PROSPECT EVALUATION
15th Jan 20197:00 amRNSOPERATIONAL UPDATE
11th Jan 20197:00 amRNSOnline Investors Presentation and Q&A
9th Jan 20194:21 pmRNSEmployee Share Purchase Plan & PDMR Purchases
7th Dec 20185:31 pmRNSShare Purchase Plan
19th Nov 20187:00 amRNSDirector Purchase
14th Nov 20187:00 amRNSTHIRD QUARTER 2018 RESULTS
7th Nov 20187:00 amRNSEmployee Share Purchase Plan & PDMR Purchases
29th Oct 20187:00 amRNSOnline Investor Presentation and Q&A session
19th Oct 20184:44 pmRNSTR-1: Notification of major holdings
11th Oct 20187:00 amRNSOPERATIONAL UPDATE
10th Oct 20187:00 amRNSDirector/PDMR Shareholding
3rd Oct 20183:00 pmRNSTR-1: notification of major holdings
6th Sep 20185:42 pmRNSDirector/PDMR Shareholding
29th Aug 20187:00 amRNSStatement re Petrotrin Restructuring
14th Aug 20187:00 amRNSInterim Results & Increased 2018 Capital Program
9th Aug 20187:00 amRNSOPERATIONAL & DRILLING UPDATE & NOTICE OF RESULTS
8th Aug 20187:00 amRNSTR-1: Notification of major holdings
3rd Aug 20187:09 amRNSDirector/PDMR Shareholding
10th Jul 20187:00 amRNSEMPLOYEE SHARE PURCHASE PLAN & DIRECTOR PURCHASES
18th Jun 20187:00 amRNSTERM CREDIT FACILITY EXTENSION
15th Jun 20187:00 amRNSGRANT OF SHARE OPTIONS
14th Jun 20187:00 amRNSResult of AGM
12th Jun 20187:00 amRNSAGM and Company Update
7th Jun 20187:00 amRNSEMPLOYEE SHARE PURCHASE PLAN & DIRECTOR PURCHASES

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