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Touchstone Exploration employees explore a well in the onshore Ortoire Block in South East, Trinidad. (File photo)

Touchstone Exploration announces major oil find in Trinidad

Touchstone Exploration employees explore a well in the onshore Ortoire Block in South East, Trinidad. (File photo)

Canada-based Touchstone Exploration has announced a major oil find in Trinidad based on the latest test results from the Cascadura-1AT1 well onshore.

Touchstone reports that the average flow from its well in the Ortoire block was over 10,600 barrels per day (bbls/d). It carried out tests on the liquids-rich gas deposit over two stages.

The first tests looked at the deepest 162 ft (49 m), where there were peak flows of between 7,750 and 9,700 barrels of oil equivalent per day (boe/d). The well also produced 865 barrels of natural gas liquids per day (bbls/d), with 40 to 50 million cubic feet per day (MMcf/d).

The second stage of tests looked at another 345 ft (105 m) and encountered peak flow of 5,760 boe/d of oil equivalent, with 15 per cent liquids. Natural gas liquids flowed at a peak rate of 865 bbls/d, while natural gas flow peaked at 29.4 MMcf/d.

Laboratory tests revealed no hydrogen sulphide or measurable solids. Production testing on the second stage began on March 8. The well has now been shut-in to build pressure for testing.

Pressure recorders will be recovered next month, and data will be used to calculate the total available resources. The test well is close to other Touchstone wells in Trinidad, such as the Coho-1 well.

This will begin production in the third quarter of 2020, and the company hopes to tie-in the new well. It has surveyed the pipeline site, and is inviting bids from contractors for the construction.

Commenting on the oil find, Touchstone President and CEO Paul Baay reports that “In addition to estimated production at our Coho discovery and our existing production, this well gives us a clear path to10,000 boe/d with an estimated 75 per cent natural gas and 25 per cent liquids product mix.

With domestic demand for natural gas exceeding current production, Touchstone is working with industry partners to bring these new volumes on-stream as quickly as possible.”

He noted that with the Cascadura well only three kilometres from existing infrastructure, “we are evaluating the most efficient path forward to tie these significant volumes into the domestic sales network.” The company is testing another well 1km south of the Cascadura-1ST1 well, which will spud in quarter two of 2020.

Touchstone Exploration is accelerating exciting exploration at Ortoire project, also in Trinidad, where Touchstone has an 80 per cent working interest and Heritage Petroleum, which has 20 per cent. It was first drilled on October 4 last year. The well was drilled to a total measured depth of 6,350 feet on December 9.

The Coho and Cascadura wells have exceed expectations with US$11.6 million funding already approved to accelerate Ortoire campaign.

Touchstone Exploration Inc. is a Canadian-based, international upstream oil and gas company currently active in the Republic of Trinidad and Tobago. It is one of the largest independent onshore oil producers in Trinidad, with an experienced management and executive team that have a track record of delivering value to shareholders.

The company’s common shares are traded on the Toronto Stock Exchange and the AIM market of the London Stock Exchange under the symbol “TXP”.