Project Profile

Value: US$11 million
Location: Fyzabad area, Southern Trinidad
Net Area: 35,785 acres
License term: 6 years

The Ortoire Block is located approximately ten kilometres east of Touchstone\'s Trinidad office in Fyzabad and covers approximately 44,731 gross acres (35,785 net to Touchstone).

Touchstone Exploration Inc. signed an Exploration and Production License with the Ministry of Energy and Energy Affairs of Trinidad and Tobago for the Ortoire Block in Southern Trinidad. The License is effective for an initial term of six years and can be extended a further 25 years in the event of a commercial discovery. The License includes a commitment for a six year minimum work program which includes technical reviews, an 85 km 2D seismic program and a  4-well drilling program.

Capital requirements associated with the minimum work obligations total approximately US$11 million over the initial six year term of the License and are expected to be funded from operating cash flows.

Exploration Programme

• Phase 1 (2014/15) – US$250M Geologic Studies

• Phase 2 (2015) – US$150M Aeromag/ Gravity Study

• Phase 3 (2015/16) – US$3MM 2D Seismic Acquisition (85 km)



Operators:

Touchstone Exploration Inc.: Operator with 80% interest

Petroleum Company of Trinidad and Tobago: 20% interest