Touchstone Exploration Inc (AIM:TXP, TSX:TXP, OTC:PBEGF) has reported promising results from the Cascadura-3ST1 delineation well in Trinidad, which is expected to begin production testing in the third quarter.
The well was drilled to a total depth of 8,252 feet and encountered around 900 feet of the targeted Herrera formation.
Meanwhile, the company also reported that the CO-374 development well, in the CO-1 block, was drilled to a total depth of 5,684 feet and encountered significant sand thickness in both the Forest and Cruse formations. It has now been cased for future crude oil production.
"We are pleased with the successful results from the two delineation wells at Cascadura, with both wells demonstrating the quality and scale of the structure,” chief executive Paul Baay said in a statement.
“In addition, the Cascadura-3ST1 well is the first to cross the C-fault to the east side of the structure, an area where reserves have not been previously assigned.
“The CO-374 development well is also noteworthy, as it has the highest net pay we have observed to date on our crude oil legacy blocks."
Touchstone reported its first quarter production, averaging 7,015 barrels of oil equivalent per day and driven by the performance of wells in the Cascadura and Coho fields.
Operations are progressing to build up infrastructure that will further lift production volumes, with construction underway on a line to connect the Cascadura C location to the field’s natural gas facility. It is due to complete in the third quarter.
At the same time, the Cascadura facility is being expanded to bring production capacity to 140 million cubic feet per day, from 90 million.