Touchstone Announces Execution of Onshore Bid Round Exploration Licences

Touchstone Exploration Inc. ("Touchstone", TSX, LSE: TXP) has disclosed that its wholly owned Trinidadian subsidiary, Primera Oil and Gas Limited ("POGL"), has successfully obtained Exploration and Production (Public Petroleum Rights) Licences for the Cipero and Charuma blocks, commencing from July 1, 2024.

This achievement underscores Touchstone's strategic expansion in Trinidad and Tobago's energy sector, enhancing its operational footprint in the region. The Licences represent a pivotal step in advancing Touchstone's exploration and production capabilities, positioning the company to leverage its expertise and capitalize on the significant hydrocarbon potential within these blocks to generate sustainable value for its shareholders.

POGL secured these Licences subsequent to the Trinidad and Tobago 2022 Onshore and Nearshore Competitive Bid Round. The agreements were finalized through collaborative efforts involving POGL, the Government of Trinidad and Tobago, the Ministry of Energy and Energy Industries ("MEEI"), and a subsidiary of the National Gas Company of Trinidad and Tobago ("NGC"). This structured partnership ensures regulatory compliance and operational alignment, reinforcing Touchstone Exploration Inc.'s commitment to responsible resource development in Trinidad and Tobago's burgeoning energy sector.

Under each Licence, Primera Oil and Gas Limited (POGL), a wholly owned subsidiary of Touchstone Exploration Inc., maintains an 80 percent operating working interest, while the remaining 20 percent working interest is held by a subsidiary of the National Gas Company of Trinidad and Tobago (NGC). The initial term of these Licences, akin to Touchstone's Ortoire licence, is six years. Extensions for up to 19 years are contingent upon POGL securing MEEI approval for commercial discoveries within designated zones of interest.

Based in Calgary, Alberta, Touchstone Exploration Inc. is a specialized entity engaged in acquiring petroleum and natural gas rights, and the comprehensive exploration, development, production, and commercialization of these resources. The company's primary operational focus lies in onshore Trinidad and Tobago, where it strategically leverages local resources and expertise. Touchstone's dual listing on the Toronto Stock Exchange and the AIM market of the London Stock Exchange under the symbol "TXP" underscores its global market presence and accessibility to diverse investor bases. This strategic positioning enables Touchstone to pursue its mission of sustainable resource development while maximizing shareholder value through prudent management of exploration and production activities in a region known for its significant hydrocarbon potential and supportive regulatory environment.

Touchstone’s strategic approach entails harnessing Canadian expertise and capabilities in the development of international onshore properties, aiming to enhance shareholder value. Beyond their primary focus on Trinidad, we remain vigilant in exploring opportunities in regions characterized by stable political and fiscal environments, alongside substantial reserves of petroleum resources. This includes assessing jurisdictions with well-defined petroleum reserves that offer robust potential for development and production. By expanding their operational footprint in such strategic locations, we aim to diversify risk, capitalize on growth opportunities, and uphold their commitment to delivering sustainable value to their stakeholders through prudent and strategic resource management.