Touchstone Exploration Inc (AIM:TXP, TSX:TXP, OTC:PBEGF) has revealed positive initial findings from the Cascadura-2ST1 and Cascadura-3ST1, its new wells at the Cascadura field, on the Ortoire block in Trinidad and Tobago.
The company said it has successfully completed the wells and observed a significant presence of gas – it noted wellhead pressure reached 3,600 psi following perforation of the Herrera Formation in 2ST1, and 2,665 psi in 3ST1 – whilst it works to complete connection to the field’s gas-processing facilities.
Gas production from the new wells is expected to start before the end of October.
Also, the Cascadura-3ST1 well yielded crude oil during tests in the lower Herrera Formation. Initial rates reached 300 to 400 barrels per day of 25-degree API crude, though the presence of water and mud subsequently impacted the flow.
"The results from the Cascadura-2ST1 well test is highly promising, closely mirroring the responses we observed at the Cascadura-1ST1 well,” chief executive Paul Baay said in a statement.
“We are eager to connect it to the completed pipeline and begin testing at our facility as soon as possible.
“The discovery of crude oil during the initial test of the Cascadura-3ST1 well further underscores the potential within the Ortoire acreage. The encouraging results from this initial well test opens up new liquids possibilities on the block.”
Baay added: “We are proactively establishing essential infrastructure at Cascadura to accelerate the development of upcoming wells, significantly reducing the time from drilling to production.
“We look forward to keeping our stakeholders informed as our operations progress."
Today’s operations update also described the progress of Touchstone’s infrastructure development and some other separate well programmes.
It noted infrastructure enhancements at the Cascadura field, including the installation of a flowline and test separator.
These upgrades will accelerate production from the Cascadura wells, with the company expecting to start natural gas production by the end of October 2024.
Elsewhere, at the Balata East field, Touchstone achieved a nearly 300% increase in production since acquiring the field in June 2024. The company attributes this growth to a targeted workover and optimization program.