Touchstone Exploration Inc. agreed to acquire Rio Claro, Balata East and Balata East Deep Horizons Blocks of Lease Operators Limited.

Touchstone Exploration Inc. (TSX:TXP) entered into an asset exchange agreement to acquire Rio Claro, Balata East and Balata East Deep Horizons Blocks of Lease Operators Limited on January 9, 2023. In consideration Touchstone will give Fyzabad, San Francique and Barrackpore blocks. Pursuant to the agreement, Touchstone agreed to swap 100% working interests in the Fyzabad, San Francique and Barrackpore producing blocks for the counterparty's working interest in the Rio Claro, Balata East and Balata East Deep Horizons blocks for no cash consideration with the asset exchange becoming effective upon closing.

The agreement remains subject to certain closing conditions, including receipt of applicable regulatory approvals and an extension of the Rio Claro license.