Touchstone Exploration Updates on Acquisition Progress

Touchstone Exploration Inc. has provided an update regarding its pending acquisition of Shell Trinidad Central Block Limited (STCBL). The agreement to acquire STCBL was initially signed on December 12, 2024, with the transaction involving a payment of $23 million for 100% of the company. STCBL holds a significant 65% working interest in Trinidad's Central block exploration and production site, alongside four gas wells and a gas processing facility. The remaining interest is held by Heritage Petroleum Company Limited.

The acquisition agreement has been amended to extend the long-stop date to May 12, 2025, with completion targeted for the second quarter of 2025. Regulatory approvals have been secured, and financing discussions with lenders are underway. However, Touchstone has not guaranteed that the acquisition will be finalized, adhering to confidentiality agreements. No further details will be disclosed until the transaction is either completed or terminated.