27th Feb 2023 12:19
(Alliance News) - Touchstone Exploration Inc on Monday said it was notified by the National Gas Company of Trinidad & Tobago Ltd that they expect to receive first gas production from the Cascadura natural gas and associated liquids facility on or around June 30.
Shares in Touchstone were down 5.1% to 61.70 pence each in London on Monday around midday.
The Calgary, Canada-based upstream oil and gas company said it remains on track to complete the Cascadura facility before this date to ensure production can begin as soon as the NGC is in a position to receive first gas.
It provided updates on the approximate construction status of the facility, including completion of the civil and concrete foundation work for the main process facility equipment; completing around 80% of the communication tower; around 90% of pipe racks being assembled with hydrotesting initiated and the units expected to arrive at the facility within the next three weeks; and all process equipment being acquired.
This was alongside on-site condensate tanks being around 65% complete; procuring a flare stack, with associated foundation work to begin "imminently"; and safely transporting compressors, separators and vapour recovery units to the facility.
"We are encouraged to have received an expected first gas date from NGC. Although this is later than we were anticipating, we can now plan the final phase of our various work streams to minimize costs and optimize services," said Chief Executive Officer Paul Baay.
"First gas from Cascadura will be a transformative achievement for Touchstone, and we thank shareholders for their continued support and patience as we work towards this significant milestone.
"We expect that the funds raised late last year and our current base production will allow us to complete drilling the Royston-1X well and prepare our next development locations at Cascadura while we finalize construction of the Cascadura facility."
By Greg Rosenvinge, Alliance News reporter
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