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(Alliance News) - Touchstone Exploration Inc shares rose on Wednesday after the Trinidad & Tobago Environmental Management Authority granted the company a certificate for environmental clearance for its Cascadura project.
Shares in the Calgary, Canada-based upstream oil and gas company were up 10% to 108.00 pence each in London on Wednesday.
The Cascadura project is in the Ortoire block, onshore Trinidad, in which Touchstone holds an 80% operating interest in the block. Heritage Petroleum Co Ltd holds the remaining 20% interest.
Touchstone said that the CEC approves the construction of a multi-well surface production facility at the Cascadura project. It noted that the facility is designed to have a production capacity of 200 million cubic feet of natural gas per day, 5,000 barrels per day of associated liquids and 200 barrels per day of produced water, with a storage capacity of 8,800 barrels of liquids on the Cascadura A wellsite.
In addition to the facility, the CEC includes the drilling of eight wells at two well pads, Cascadura B and C, and the establishment of associated pipelines and infrastructure within the Ortoire block.
National Gas Company of Trinidad & Tobago Limited has begun activity in the field to commence the construction of the 1.7 kilometre, 20-inch pipeline to the Cascadura facility, Touchstone added.
Chief Executive Officer Paul Baay said: "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. We are working with our local contractors, and construction is underway at local fabrication shops for various aspects of the facility with all major facility components already delivered to Trinidad."
By Sophie Rose; sophierose@alliancenews.com
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