Touchstone Exploration Inc. ("Touchstone" or the "Company") (TSX:TXP)(LSE:TXP) is pleased to announce that it successfully closed the previously announced acquisition of 100 percent of the share capital of Shell Trinidad Central Block Limited ("STCBL") on May 15, 2025.
The acquisition was completed for cash consideration of approximately $28.4 million, subject to final closing adjustments. STCBL holds a 65 percent participating interest in the onshore Central block exploration and production licence in Trinidad, which includes four producing natural gas wells and a gas processing facility. The remaining 35 percent participating interest is held by state-owned Heritage Petroleum Company Limited. The Central block licence encompasses approximately 6,699 gross acres (4,354 net working interest acres).
Touchstone will provide an updated corporate presentation and revised 2025 guidance as the integration of the acquired assets progresses.
Paul Baay, President and Chief Executive Officer, commented:
"The closing of this acquisition marks a significant milestone for Touchstone as we continue to expand our portfolio of high-quality assets in Trinidad. This transaction strengthens our production base, allows us access to the liquefied natural gas market, broadens our onshore presence, and enhances our operational capacity in a region where we see long-term strategic value. We look forward to integrating these assets and unlocking their full potential for the benefit of our shareholders and stakeholders."
