Touchstone Announces Execution of Onshore Bid Round Exploration Licences

CALGARY, AB / ACCESSWIRE / July 2, 2024 / Touchstone Exploration Inc. (TSX:TXP)(LSE:TXP) announced that its subsidiary, Primera Oil and Gas Limited (POGL), has entered into Exploration and Production Licences for the Cipero and Charuma blocks effective July 1, 2024.

The blocks were awarded through the Trinidad and Tobago 2022 Onshore and Nearshore Competitive Bid Round. The agreement was completed with the Government of Trinidad and Tobago, the Ministry of Energy and Energy Industries (MEEI), and the National Gas Company of Trinidad and Tobago (NGC).

POGL holds an 80 percent working interest, with NGC holding the remaining 20 percent. The Licences have a six-year term, extendable by 19 years upon MEEI approval of a commercial discovery.

POGL is tasked with fulfilling the minimum work and financial commitments for each Licence over the six-year period, including five geological studies, seismic reprocessing, and drilling wells.