Touchstone Exploration Inc (AIM:TXP, TSX:TXP, OTC:PBEGF) told investors it has reached a target production rate at the Cascadura project within a week of the project coming online.
The company, in a statement, said it achieved its forecasted Cascadura gross natural gas production rate of 60 million cubic feet per day (MMcf/d) on 15 September.
It added that the Cascadura-1ST1 well is currently contributing approximately 40 MMcf/d while the Cascadura Deep-1 well is contributing approximately 20 MMcf/d.
Together the two wells are also producing 1,400 barrels of natural gas liquids per day.
“The performance of the wells, both of which are being choked at surface, is in line with expectations and the surface facility is currently operating at approximately 67 percent of its capacity,” said chief executive Paul Baay.
Cascadura is seen as the company’s key growth driver after it came online last week, sealing the company’s transition into a majority natural gas weighted production company.
Cashflows via the company’s gas sales agreement is expected to deliver a significantly increased predictable cashflow stream, which Touchstone intends to reinvest into the future development of its Trinidad asset base.
The aim had been to ramp-up to a rate of 10,000 barrels oil equivalent per day (boepd).
Cascadura is the second and the larger development to date in the company’s 80%-owned Ortoire block, where Touchstone retains multiple defined development prospects and a pipeline of long-term exploration prospects.