Touchstone Exploration Inc (AIM:TXP, TSX:TXP, OTC:PBEGF) shares jumped after the onshore oil producer told residents around the Coho gas facility and pipeline it is set to start commnisioning operations.
The group submitted a notice to residents surrounding the site in Trinidad and Tobago saying it will begin its pre-commissioning and commissioning operations.
The notification is required at least five days before the operations began, according to the Coho Certification of Environmental Clearance.
Pre-commissioning consists of testing all electronics, alarms and operating systems in the facility, as well as checking the flare and emergency shutdown systems and purging air using inert nitrogen gas.
Once done, commissioning will commence, with the introduction of natural gas from the Coho-1 well into the facility and pipeline in a step rate manner that will bring the system onstream to the central block natural gas facility.
Production will start following the completion of this.
Coho is situated in the Ortoire block in Trinidad, where Touchstone has an 80% operating working interest.
“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,” Paul Baay, president and chief executive, commented.
Shares jumped 9.8% to 62.6p.