- Touchstone (TXP) has received a Certificate of Environmental Clearance for the Cascadura area
- The certificate allows for the construction of a multi-well surface production facility, the drilling of eight wells, and the establishment of pipelines and infrastructure
- Construction will begin immediately
- Touchstone Exploration is a petroleum and natural gas company active in Trinidad and Tobago
- Touchstone (TXP) is up by 12.16 per cent trading at $1.66 per share
Touchstone (TXP) has received a Certificate of Environmental Clearance for the Cascadura area.
The certificate, issued by the Trinidad and Tobago Environmental Management Authority, allows the company to conduct development operations within the area.
The company intends to construct a multi-well surface production facility with a capacity of 200 million cubic feet of natural gas per day, 5,000 barrels of associated liquids per day, 200 barrels per day of produced water, and a storage capacity of 8,800 barrels of liquid on the Cascadura A well site.
The certificate also allows for the drilling of eight wells at two well pads (Cascadura B and C) and the establishment of pipelines and infrastructure within the Ortoire block.
Construction will begin immediately with all major facility components having been delivered to Trinidad. The National Gas Company of Trinidad and Tobago has begun field work toward building the 1.7 km, 20-inch pipeline to the Cascadura facility.
Touchstone has an 80 per cent operating working interest in Cascadura’s Ortoire block, with Heritage Petroleum holding the remaining 20 per cent.
“This is a major step forward for the Cascadura Project as we progress from the exploration phase to the development and production phase. It has been a thorough process, but the positive outcome now allows us to establish a clear and measurable five-year development plan for the discovery,” stated Paul Baay, Touchstone’s President and CEO.
Touchstone Exploration is a petroleum and natural gas company active in Trinidad and Tobago.
Touchstone (TXP) is up by 12.16 per cent trading at $1.66 per share as of 9:35 am EST.