Business
Touchstone Announces Execution of Onshore Bid Round Exploration Licences
CALGARY, AB / ACCESSWIRE / July 2, 2024 / Touchstone Exploration Inc. ("Touchstone", "we", "our"...
About this update from Touchstone Exploration Inc
[{"type":"text","content":"Touchstone Announces Execution of Onshore Bid Round Exploration Licences CALGARY, AB / ACCESSWIRE / July 2, 2024 / Touchstone Exploration Inc. (\"Touchstone\", \"we\", \"our\" or the \"Company\") (TSX:TXP)(LSE:TXP) announces that Primera Oil and Gas Limited (\"POGL\"), our wholly owned Trinidadian subsidiary, has entered into Exploration and Production (Public Petroleum Rights) Licences for the Cipero and Charuma blocks (collectively, the \"Licences\") effective July 1, 2024.The Cipero and Charuma blocks were awarded to POGL pursuant to the Trinidad and Tobago 2022 Onshore and Nearshore Competitive Bid Round. The Licences were fully executed by representatives from POGL, the Government of Trinidad and Tobago, the Trinidad and Tobago Ministry of Energy and Energy Industries (\"MEEI\"), and a subsidiary of the National Gas Company of Trinidad and Tobago (\"NGC\").POGL has an 80 percent operating working interest under each Licence, with NGC holding the remaining 20 percent working interest. Similar to the Company's Ortoire licence, the Licences initially have a six-year term and may be extended by an additional 19 years for areas that have a MEEI approved commercial discovery.Summary of LicencesBlockCiperoCharuma Gross acreage29,92472,784POGL operating working interest80 percent80 percentNGC working interest20 percent20 percentMinimum work commitments:(1) Geological studiesConduct five studiesConduct five studiesReprocess 2D seismic426 kilometres784 kilometresReprocess 3D seismicn/a61 square kilometresExploration drillingFour wellsOne wellFinancial obligations over the six-year initial licence term(1)(2)US$2.2 millionUS$4.8 million Notes:POGL is responsible for 100 percent of the exploration minimum work commitments and financial obligations over the initial six-year exploration term of the relevant licence.Financial obligations are amounts payable pursuant to the applicable license, which include bonuses, lease payments and surface rental costs.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 t...