Touchstone Exploration Inc (AIM:TXP, TSX:TXP, OTC:PBEGF) told investors it has been informed by the Trinidad authorities that the National Gas Company of Trinidad and Tobago Limited (NGC) will be ready to receive gas from the Cascadura field by the end of June.
The company, in a statement, highlighted that it remains on track to complete its Cascadura facility before this date and as such it will be ready to start supplying gas to the state gas company as soon as it is in a position to receive it.
"We are encouraged to have received an expected first gas date from NGC,” said chief executive Paul Baay.
“Although this is later than we were anticipating, we can now plan the final phase of our various work streams to minimize costs and optimize services.”
Once online and up to speed, the Cascadura operation is expected to yield some 9,200 barrels oil equivalent per day net to Touchstone.
Baay added: “First gas from Cascadura will be a transformative achievement for Touchstone, and we thank shareholders for their continued support and patience as we work towards this significant milestone.
“We expect that the funds raised late last year and our current base production will allow us to complete drilling the Royston-1X well and prepare our next development locations at Cascadura while we finalize construction of the Cascadura facility."