Touchstone Exploration Inc. (Touchstone) (TXP) is pleased to announce that it 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).
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 18th 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.”