Touchstone Exploration Inc (AIM:TXP, TSX:TXP, OTC:PBEGF) today confirmed it has reached a hotly anticipated milestone, with the start of production at the Cascadura field in Trinidad.
The company’s 80%-owned gas field is now expected to ramp-up to a rate of 10,000 barrels oil equivalent per day (boepd) over the coming weeks.
For the AIM-quoted small-cap, it marks a successful conclusion to a year of construction work, representing some 110,000 of workforce hours, using Trinidadian contractors and fabrication facilities.
Commercially, it promises to be transformative for Touchstone.
"The commencement of production from Cascadura marks the most significant milestone to date in the Touchstone journey, transitioning us to a majority natural gas weighted production company,” said chief executive Paul Baay.
“Our fixed price natural gas agreement will deliver a significantly increased predictable cashflow stream to be reinvested in the future development of our extensive Trinidad asset base.
“Cascadura represents the second producing area on our Ortoire block, where we have multiple defined development prospects, alongside a significant pipeline of long-term exploration prospects.”
Baay added: “Our team will now focus on optimizing Cascadura production and planning a future drilling program to fill our existing Coho and Cascadura facilities."