By Anthony O. Goriainoff

 

Touchstone Exploration Inc. shares rose Wednesday after the company said it received a certificate of environmental clearance, or CEC, from the government of Trinidad and Tobago within the Cascadura area of the Ortoire block, where it has an 80% operating working interest in the license.

Shares at 0733 GMT were up 14.50 pence, or 15%, at 112.50 pence.

The London-listed Canadian company--which acquires interests in petroleum and natural-gas rights--said that the CEC approved the construction of a multiwell surface production facility, and that it includes the drilling of eight wells as well as the installation of the associated pipelines and infrastructure.

The company said this positive outcome allowed it to establish a clear and measurable five-year development plan.

"This is a major step forward for the Cascadura project as we progress from the exploration phase to the development and production phase.... We are working with our local contractors, and construction is underway at local fabrication shops for various aspects of the facility with all major facility components already delivered to Trinidad," Chief Executive Paul Baay said.

 

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

 

(END) Dow Jones Newswires

August 17, 2022 04:04 ET (08:04 GMT)

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