Touchstone Exploration Inc (AIM:TXP, TSX:TXP, OTC:PBEGF) has updated on the status and progress of its application for a Certificate of Environmental Clearance for the Cascadura project, for which an environmental impact assessment (EIA) review is presently underway.
Cascadura is one of multiple new breakthrough assets for Touchstone in Trinidad, following a series of exploration success in 2019.
The company, in a statement, said it continues to engage with the Trinidad and Tobago Environmental Management Authority (EMA) and respond to its queries to support the Cascadura area EIA application.
In mid-May, the company responded to requests made by the EMA and subsequently, on June 24, provided a further partial response to further queries made by the EMA.
It will now be meeting with the EMA to clarify the remaining aspects of the authority's queries to ensure that all are addressed by the company.
Touchstone noted that an EMA determination is due within 30 working days of receiving a complete response to the second round of queries.
The company added that the timing of Cascadura coming on-stream will depend upon the timing of its receipt of the approved EIA.
A well at Cascadura flowed in excess of 5,000 barrels oil equivalent during testing, comprising a mix of natural gas and natural gas liquids. The well is expected to yield some 6,200 to 7,760 boepd of initial production, with the majority of flow expected to be gas.