Touchstone Exploration provides an update on the construction of the Cascadura facility and Royston-1X production testing. Touchstone has an 80 percent operating working interest in the Cascadura field and the Royston-1X well, which is located on the Ortoire block onshore in the Republic of Trinidad and Tobago. Heritage Petroleum Company Limited holds the remaining 20 percent working interest.

Cascadura

The Cascadura-1ST1 and Cascadura Deep-1 downhole safety plugs were removed on July 8 and July 9, 2023, respectively. Both wells are currently shut in, with wellhead pressures at approximately 4,100 pounds per square inch. It is anticipated that the Cascadura natural gas and liquids facility will operate between approximately 600 to 750 pounds per square inch.

On July 20, 2023 we completed the initial operational preparedness inspection of the facility with the Ministry of Energy and Energy Industries ("MEEI") which involved a comprehensive evaluation of the facility's infrastructure, safety protocols, and operational procedures. Following the inspection, minor modifications to optimize the facility's performance and operational protocols were completed and the facility was mechanically complete on July 30, 2023. Pressure testing of the facility with inert nitrogen gas commenced on July 28, 2023, and is now 70% complete.

As we continue to pressure test the facility, we will finalize the electrical and instrumentation connections required to link the Cascadura facility to the National Gas Company of Trinidad and Tobago pipeline tie-in point. We are scheduling the final MEEI inspection this week prior to the introduction of initial natural gas into the system.

Royston

Production testing at Royston-1X is ongoing and the Company will update the market when testing has concluded.

Paul Baay, President and Chief Executive Officer, commented: 
"Touchstone is working diligently to complete the commissioning of the facility and we are eager to commence first production. We continually strive to meet or exceed all industry regulations and guidelines and our adherence to the highest health and safety standards will continue to guide us through the completion of the facility."

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