Touchstone Exploration Inc (AIM:TXP, TSX:TXP, OTC:PBEGF) CEO Paul Baay speaks to Thomas Warner from Proactive after the Trinidad and Tobago-focused energy exploration and development company announced the start of production at the Cascadura field in Trinidad.
Baay says that the development marks a major production leap, with an increase from 2,000 to over 10,000 barrels oil equivalent per day (boepd) anticipated in the coming weeks. The news positions Touchstone as the leading onshore independent producer in Trinidad. He explains that the added cash flow is set to fully support future drilling endeavours.
While Baay acknowledges that the Cascadura Project has experienced some delays, he emphasises the transformative impact it will have.
Baay addresses recent drilling at the the Royston-1X well which encountered light oil but requires further testing for economic viability.
The company is transitioning from exploration to a development phase, focusing on maximising opportunities in oil and gas and expanding its acreage position through government partnerships. He says that with all the capacity ready to use, "what [Touchstone] really needs to do is to drill to fill [it]."