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Shares rose in Touchstone Exploration Inc on Monday after the Trinidad & Tobago Environmental Management Authority accepted the company's Environmental Impact Assessment for the Cascadura project.
Shares in the Calgary, Canada-based upstream oil and gas company were 20% higher at 83.89 pence on Monday morning in London.
The Cascadura project is in the Ortoire block, onshore Trinidad, in which Touchstone holds an 80% operating interest in the block.
Touchstone said that the EMA responded to the submission of the remaining EIA documents on Friday last week, stating that the submitted information was adequate to determine the outcome of the company's certification of environmental clearance.
The EMA submitted by Touchstone confirmed that the designated activities of the CEC is applicable to the proposed Cascadura project, including the exploration for crude oil and natural gas, the establishment of a facility for crude oil and associated gas and infrastructure for the storage of petroleum and related products.
Looking ahead, the EMA said that it will make a final CEC determination by September 15.
‘We are excited that the EMA has accepted our EIA documentation and will process our CEC application in the near future. I would like to thank our team for their perseverance and diligence in submitting a complete response thereby ensuring no further delays. We look forward to updating our stakeholders in due course,’ said Chief Executive Officer Paul Baay.
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