18th Dec 2020 20:39
Touchstone Exploration Inc - Calgary-based oil and gas firm - Says its subsidiary Primera Oil & Gas Ltd seals long-term natural gas supply agreement with the National Gas Co of Trinidad & Tobago Ltd for all future natural gas production from Ortoire block. Primera will supply gas from the Ortoire Block in T&T, initially from the Coho-1 field.
Paul Baay, chief executive of Touchstone, says: "This agreement provides a stable, multi-decade revenue stream for Touchstone to fully develop the world-class asset at Ortoire. This transforms the company from being an exploration company to one that is a full cycle energy provider. The structure of the agreement provides the shareholders of Touchstone with a predictable cash flow and earnings stream for years to come while minimising the capital required to maximise the resource."
Current stock price: 126 pence
Year-to-date change: almost six times higher
By Arvind Bhunjun; [email protected]
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