03:00 Wed 29 Aug 2018
Touchstone Explrtn. - Statement re Petrotrin Restructuring
TOUCHSTONE PROVIDES CLARITY ON PETROTRIN RESTRUCTURING
Touchstone believes these changes will have no impact on its current and future operations, as the Company currently sells produced crude oil volumes to Petrotrin under various marketing contracts and does not interact directly with the refinery. The Company expects that it will continue to sell crude oil production to Petrotrin under our existing contracts; however, rather than selling to the
It is the Company's view that the restructuring will benefit the country in the long-term, as sustainable profitability of the state-owned company will enhance the standard of living in
Petrotrin has announced that they will be meeting with all stakeholders in the coming weeks to discuss how the proposed changes will be implemented, and Touchstone expects to be an active participant in these meetings.
For further information, please contact:
Mr.
Mr.
Mr.
Shore Capital (Nominated Advisor and Joint Broker)
Nominated Advisor:
Corporate Broking:
GMP FirstEnergy (Joint Broker)
Camarco (Financial PR)
Nick Hennis / Jane Glover / Billy Clegg Tel: +44 (0) 203 757 4980
About Touchstone
Forward-Looking Statements
Certain information provided in this announcement may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking information in this announcement may include, but is not limited to, statements relating to the future impact of Petrotrin's announced restructuring on the Company's operations. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Certain of these risks are set out in more detail in the Company's
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