Mr. Paul Baay reports
TOUCHSTONE EXPLORATION PROVIDES ACQUISITION UPDATE
Touchstone Exploration Inc. has provided an update regarding the previously announced transaction to acquire the entire share capital of Shell Trinidad Central Block Ltd. (STCBL).
As previously announced, on Dec. 12, 2024, the company's wholly owned Trinidadian subsidiary signed a share purchase agreement to acquire 100 per cent of STCBL from a third party. STCBL holds a 65-per-cent operating working interest in the onshore Central block exploration and production licence as well as four producing gas wells and a gas processing plant in Trinidad, with state-owned Heritage Petroleum Company Ltd. holding the remaining 35-per-cent working interest. Under the terms of the agreement, Touchstone will pay $23-million in cash plus closing cash and abandonment fund balances, and the acquisition will be deemed effective as of Jan. 1, 2025.
The parties have amended the agreement to extend the long-stop date to May 12, 2025. Under the agreement, the parties have until this date to satisfy or waive the conditions precedent, as applicable. Completion will occur on a mutually agreed date following the satisfaction of all conditions, which the company expects to take place in the second quarter of 2025. All customary regulatory approvals have been received, and Touchstone has made significant progress with its current lender regarding the financing of the acquisition.
For further information regarding the acquisition and related advisories thereto, refer to the company's news release dated Dec. 13, 2024, which is available under Touchstone's profile on SEDAR+ and on the company's website.
No assurances can be given that the acquisition will ultimately be completed. Due to confidentiality terms in the agreement, Touchstone is not able to provide further information to the market on this acquisition until the transaction is effectively closed, or terminated, as the case may be.
About Touchstone Exploration Inc.
Touchstone Exploration is a company based in Calgary, Alta., 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 traded on the Toronto Stock Exchange and the AIM (Alternative Investment Market) of the London Stock Exchange under the symbol TXP.
Currency
Unless otherwise stated, all financial amounts presented herein are stated in U.S. dollars.
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