Touchstone Exploration gets environmental green light to start work on Trinidad and Tobago facility
Chief executive Paul Baay said the green light ‘allows us to establish a clear and measurable five-year development plan for the discovery’
Company
LON:TXP
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. The company is currently active in onshore properties located in the Republic of Trinidad and Tobago.
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Chief executive Paul Baay said the green light ‘allows us to establish a clear and measurable five-year development plan for the discovery’
This will be the last quarter of it being a pure oil producer
The next quarter sees' a transition to a combination of oil and natural gas production from our Coho-1 gas well'
The gas development onshore Trinidad & Tobago is waiting for environmental sign-off
The oil and natural gas exploration and production company should receive a decision on its environmental clearance certificate next month
“The completion of the Coho facility and pipeline will be a significant milestone for Touchstone," its CEO said
Timing for the Cascadura gas project coming online will depend upon the receipt of approval for the environmental impact assessment, the company noted
While Touchstone's 'legacy' assets are generating higher levels of cash key growth milestones have also been reached, bring the Coho and Cascadura fields closer to production
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Oil price, Union Jack, Touchstone, UOG, Empyrean. And finally…WTI $113.90 +$1.56, Brent $120.65 +$1.62, Diff -$6.75 +6c, NG $5.57 +17c, UKNG 231.2p -19.8Oil priceAfter a week in which WTI was up $9.20 and Brent rose by $12.72 today it’s all
The company’s shares were up 12% at 84.50p in late-morning trading
As part of the extensionTouchstone is required to drill three exploration wells
“Our focus is to convert our extensive Trinidad resource base to cash flows while continuing to target further exploration opportunities across our licence areas,” said chief executive Paul Baay.
“The amended loan agreement provides enhanced financial flexibility at attractive after-tax pricing,” the company said
"This third test confirms the commerciality of the newly discovered light oil pool at Royston,” said chief executive Paul Baay.
“This oil discovery will allow us greater flexibility for the pace of development of the project," said chief executive Paul Baay.
High cash flows are helping support investment programmes, meanwhile, first production from the Coho discovery is drawing nearer
"We are excited to discover a promising new light oil pool in the deepest test section of the Royston well," said Paul Baay.
It was another busy week in the small-cap oil and gas sector.
The team discovered 393 gross feet of hydrocarbon pay from 9,700 feet – almost double pre-drill estimates
The company is aiming for a number of milestones in the second half of 2021