Touchstone Announces Cascadura Facility Update

Source: 2/27/2023, Location: South America

Touchstone Exploration Inc. ("Touchstone") (TXP) reports that on February 24, 2023, the Company was notified by The National Gas Company of Trinidad and Tobago Limited ("NGC") that they expect to be ready to receive first gas from the Cascadura natural gas and associated liquids facility on or about June 30, 2023.

Touchstone remains on track to complete the Cascadura facility prior to this date to ensure production can commence as soon as NGC is in a position to receive first gas. The approximate construction status of the Cascadura facility is as follows:

- the civil and concrete foundation work for the main process facility equipment is complete;
- the flare stack is procured, with the associated foundation work commencing imminently;
- the communication tower is approximately 80 percent complete;
- the pipe racks are approximately 90 percent assembled with hydrotesting initiated, and the units are expected to arrive at the facility within the next three weeks;
- on-site condensate tanks are approximately 65 percent complete;
- the compressors, separators, and vapour recovery units have been safely transported to the facility; and
- all process equipment for the facility has been acquired.

Paul Baay, President and Chief Executive Officer, commented:

"We are encouraged to have received an expected first gas date from NGC. Although this is later than we were anticipating, we can now plan the final phase of our various work streams to minimize costs and optimize services.

First gas from Cascadura will be a transformative achievement for Touchstone, and we thank shareholders for their continued support and patience as we work towards this significant milestone.

We expect that the funds raised late last year and our current base production will allow us to complete drilling the Royston-1X well and prepare our next development locations at Cascadura while we finalize construction of the Cascadura facility. "

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