Highlights

• Touchstone Exploration Inc. reports promising initial results from new wells at the Cascadura field in Trinidad and Tobago.

• Significant gas presence recorded, with wellhead pressures reaching up to 3,600 psi; gas production expected to commence by the end of October.

• Successful crude oil testing at the Cascadura-3ST1 well indicates strong potential for liquids production in the Ortoire acreage.

Touchstone Exploration Inc. Announces Positive Developments at Cascadura Field

Touchstone Exploration Inc. {LSE:TXP} has released encouraging initial findings from its Cascadura-2ST1 and Cascadura-3ST1 wells located in the Ortoire block of Trinidad and Tobago. The company successfully completed drilling both wells, observing a significant presence of gas. Following perforation of the Herrera Formation in the 2ST1 well, a wellhead pressure of 3,600 psi was recorded, while the 3ST1 well reached 2,665 psi. The company is currently working on connecting these wells to the gas processing facilities, with gas production anticipated to begin before the end of October.

In addition to gas, the Cascadura-3ST1 well also produced crude oil during initial testing, achieving rates between 300 to 400 barrels per day of 25-degree API crude, despite some flow disruption due to water and mud presence. Chief Executive Paul Baay expressed optimism regarding the results, highlighting their similarity to those observed at the Cascadura-1ST1 well.

Baay emphasized the importance of establishing the necessary infrastructure at Cascadura to expedite the development of future wells, aiming to significantly shorten the time from drilling to production. Touchstone is enhancing its infrastructure at the Cascadura field, including the installation of a flowline and a test separator, which will facilitate accelerated production.

The operations update also noted a substantial nearly 300 percent increase in production at the Balata East field since its acquisition in June 2024, attributing this growth to targeted workover and optimization efforts.

Overall, the positive results from the Cascadura wells and ongoing infrastructure improvements position Touchstone Exploration for continued growth and production expansion in the Trinidad and Tobago region. Stakeholders will be kept informed as operations progress.