Touchstone Exploration Inc (AIM:TXP, TSX:TXP, OTC:PBEGF) shares jumped some 25% in Monday's early deals, after announcing drilling results from the Carapal Ridge-3 development well in Trinidad and Tobago.
The company said the well encountered approximately 1,082 feet of net sand, including around 1,000 feet of net Herrera sand.
Logging data indicated hydrocarbon-bearing sands across multiple Herrera horizons above and below a shale marker.
Touchstone said completion operations are underway and tie-in to the Central block gas processing facility is targeted for the first quarter of 2026. The results also support the potential for up to three additional Herrera development wells on the block.
“The CR-3 well is our inaugural development well on the Central block and the first well drilled on the field in over 17 years," said chief executive Paul Baay.
"The well was executed successfully by our drilling team and represents our first horizontal well drilled into the Herrera reservoir. As anticipated, CR-3 encountered hydrocarbon-bearing sands both below and above a key shale marker."
He added: "Importantly, the well has confirmed both the seismic model and the areal extent of a thick Herrera section. These results are encouraging and support the potential for three additional Herrera wells on the block."
In London, Touchstone shares were up 1.85p, rising 25.34%, changing hands at 9.15p.