Touchstone Exploration Inc (AIM:TXP, TSX:TXP, OTC:PBEGF) has kicked off a programme to side-track the Royston well located in the Ortoire block in the Republic of Trinidad and Tobago.
The Royston-1X side-track is being drilled by the Star Valley Drilling Rig #25 which is presently being mobilised to site. The well is expected to be drilled down to 11,300 feet to target accumulations in the Middle Miocene Herrera overthrust, intermediate, and subthrust sheets.
It follows up the Royston-1 exploration well, drilled in 2021, which identified 1,000 feet of the Herrera section and encountered light, sweet crude oil.
The sidetrack aims to penetrate new sands at the base of the intermediate sheet and into the untested subthrust sheet, Touchstone detailed in a statement.
It is expected that the well will take 45 days to drill and log, with the company planning to avoid challenges seen with the original well.
"The Royston-1 well drilled in 2021 showed tremendous potential, flowing significant volumes of 33-degree API oil from both the overthrust and intermediate sheets; however, mechanical challenges prevented meaningful production from the well,” said chief executive Paul Baay.
“The challenges encountered at Royston-1 and the lessons learnt have helped us to design a drilling plan to optimally evaluate the Herrera Formation.
“As we target the deeper level, our enhanced understanding of the structure will allow us to assess the full potential of the intermediate sheet, which was not fully penetrated or completed in Royston-1, as well as the subthrust sheet which is a prolific target in offsetting oil pools.”
Baay added: “Following our recent capital raise, we are excited for 2023 as we commence our latest drilling program and continue construction of our Cascadura facility with a goal of bringing on production as soon as practicable."
Touchstone raised a total of £11mln of new capital in December, through private placings which exceeded expectations.