Touchstone Announces Update on Cascadura EIA Review Process

Source: www.gulfoilandgas.com 7/6/2022, Location: South America

In support of an application for a Certificate of Environmental Clearance, which must be approved by the Trinidad and Tobago Environmental Management Authority ("EMA") in order to conduct development operations within the Cascadura area in the Company's Ortoire block, Touchstone Exploration Inc. (TXP) provides an additional update on the Cascadura Environmental Impact Assessment ("EIA"). The Ortoire block is 80 percent operated by Touchstone, and the remaining 20 percent is operated by Heritage Petroleum Company Limited.

Further to the Company's news release on June 27, 2022, and in accordance with the EMA's regulated review process, Touchstone continues to engage with the EMA and respond to its queries to support the Cascadura area EIA application.

The Company received an initial EIA Review and Assessment Report ("RAR") from the EMA on May 5, 2022 and responded to the requests raised on May 15, 2022. Following receipt of a second RAR on June 24, 2022, Touchstone has submitted a partial response and will be meeting with the EMA to clarify the remaining aspects to ensure that the queries are addressed by the Company. Touchstone will provide further feedback to the EMA as appropriate following this meeting. The EMA has noted that a determination will be made within thirty working days of receiving a complete response to the second RAR.

The EIA application was initially submitted on December 23, 2021 and pursuant to applicable legislation was to be determined by the EMA within 80 working days, unless extended while the EMA seeks further information or clarifications. The latest RAR represents the second extended date from the EMA beyond the original 80 working days review period.

As noted in the Company's announcement on June 27, 2022, the forecasted onstream date of the Cascadura facility will be established by the timing of receipt of the approved EIA application, and the Company will update stakeholders as appropriate.


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