TOUCHSTONE ANNOUNCES NOTICE OF PRE-COMMISSIONING AND COMMISSIONING OF COHO FACILITY AND PIPELINE
CALGARY, ALBERTA (August 3, 2022) - Touchstone Exploration Inc. ("Touchstone", "we", "our", "us" or the "Company") (TSX, LSE: TXP) announces that the Company has summitted a notice to residents in the community that the Coho gas facility and pipeline will commence pre-commissioning and commissioning operations. Pursuant to the Coho Certification of Environmental Clearance, residential notification is required to be made a minimum of five business days prior to the commencement of operations. The Coho area is located in the Ortoire block, where Touchstone has an 80 percent operating working interest and Heritage Petroleum Company Limited holds the remaining 20 percent working interest.
The pre-commissioning of the gas facility and pipeline consists of testing all electronics, alarms, and operating systems in the facility, testing of the flare and emergency shutdown systems, as well as purging air from the system using inert nitrogen gas. Subsequent to these operations, system commissioning operations will commence, which entails the introduction of natural gas from the Coho-1 well into the facility and pipeline in a step rate manner, officially bringing the system onstream to the Central block natural gas facility.
Coho-1 will commence production following completion of the commissioning and pipeline handover process, with the expectation that production will increase over time to 10 MMcf/d (1,667 boe/d) gross, 8 MMcf/d (1,333 boe/d) net. Touchstone will provide further information once production is optimized through the system.
Paul Baay, President and Chief Executive Officer, commented:
"The completion of the Coho facility and pipeline will be a significant milestone for Touchstone, as it will represent our first natural gas production and is expected to double our current production on a boe basis. Throughout this process we have encountered challenges that have provided us valuable knowledge to streamline the construction of the Cascadura facility. During the pre-commissioning and commissioning process, we will need to balance the system with the well, pipeline and Central block facility. We will keep all stakeholders informed of our progress, and I would personally like to thank our shareholders for their continued patience as we proceed to full commercial production."
Touchstone Exploration Inc.
Touchstone Exploration Inc. is a Calgary, Alberta based company engaged in the business of acquiring interests in petroleum and natural gas rights and the exploration, development, production and sale of petroleum and natural gas. Touchstone is currently active in onshore properties located in the Republic of Trinidad and Tobago. The Company's common shares are traded on the Toronto Stock Exchange and the AIM market of the London Stock Exchange under the symbol "TXP".
For further information about Touchstone, please visit our
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The Alberta-based Touchstone Exploration Inc. is preparing to launch Trinidad and Tobago’s first onshore natural gas project in 20 years, it said on Monday.
The project emanates from the Ortoire onshore block. Touchstone has 80% operating working interest, with Heritage Petroleum Company Limited holding the remaining 20% working interest.
“The pipeline from our Coho facility to the Central block has been completed, and hydrotesting is scheduled to commence this week upon which the pipeline will be ready for first gas,” Touchstone said in an operational update.
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It said the surface facility is 98% complete with all infrastructure in place, including instrumentation, tanks and the communication tower, which will enable the transmission of gas meter data to its offices in Calgary and Trinidad.
“Construction is underway on the 63-foot above ground pipeline to the Central block tie-in point, which is the final requirement of the project,” Touchstone said.
Upon completion of the tie-in, commissioning and handover of the pipeline, Touchstone expects Coho’s natural gas production to commence with production increasing over time to 10 million cubic feet per day (MMcf/d), approximately 1,667 barrels of oil equivalent per day (boe/d) gross, 8 MMcf/d (1,333 boe/d) net.
Touchstone said this will be an important milestone for Trinidad and Tobago.
Based on the current contractor schedule and expected pipeline commissioning and handover process, the operator is targeting full production in August 2022.
Trinidad has been struggling to boost natural gas production for some time. It hit its lowest production point in 18 years in 2021.
Former Energy Minister, Kevin Ramnarine said recently that the country will not be able to push its natural gas production above 3 billion cubic feet of gas per day. He called new projects “backfilling” for acute declines.
He said production could fall under 2.5 bcfd or even dangerously close to 2.0 bcfd by 2026.
With all this talk, large buys going through, 250k other days, 100k yesterday and previous days and what happens today.
Maybe Shell holding the paperwork up, for reasons they are in contact with a prospective buyer and that buyer has very close contacts with Shell maybe even Shell thinking of selling their own gas operations as they are fairly close.
The doubt has been set here and the price is low. That buyer would be need to be in the industry and have passion for this company. Trouble is i cannot name, but that person has stated his intent HERE, but i hope i am wrong.
Would Shell want to sign off the paperwork if they wanted to make a bid, hence keeping the price low.
If the paperwork is signed then my suspicion goes out the window.
Go back in history and someone said they would buy the company and he has gone very quiet, you all
asked that question. Has that person involved in the gas industry, very much so.
Do they have detailed gas knowledge in Trinidad, very much so.
Is there a connection to Shell, the family tree is the missing link.
Find that and you are onto to a winner and you will see my suspicion.
Off board if you need to.