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Touchstone Exploration says Cascadura is a “significant” new discovery

Testing of one portion of the liquids rich gas discovery measured flow at rates up to 5,736 barrels oil equivalent per day

Touchstone Exploration Inc - Touchstone Exploration says Cascadura is a “significant” new discovery
The result "confirms the monumental resource potential" at Ortoire

Touchstone Exploration Inc (LON:TXP) (TSE:TXP) has revealed successful test results from the Cascadura-1ST1 well, confirming a significant liquids-rich natural gas discovery in the Ortoire block in Trinidad.

The well encountered a total of 777 feet of pay in the Herrera formation, and, first stage testing covered the lower-most 162 feet.

Flow rates were measured at 5,180 barrels oil equivalent per day (boepd) over a fourteen-hour test period – comprising 26.9mln cubic feet and 694 barrels of natural gas liquids per day. The rate saw a peak of 5,736 boepd.

Cascadura-1ST1 will now be shut-in for a two-week pressure build-up test, before further testing on the rest of the well’s pay.

READ: Touchstone’s new gas discoveries will add material growth

"The Cascadura production test results represent a dramatic change for Touchstone, as it confirms the monumental resource potential of the Ortoire exploration block following the earlier success of our Coho-1 well,” said Paul Baay, Touchstone chief executive.

“Furthermore, the test results are only attributable to the lower-most portion of the well, and with 450 feet of contiguous sand to be tested, the full potential of the structure is yet to be defined. To put these results in context, our average daily oil production for the three months ended September 30, 2019 was 1,729 bbls/d.

“The modelling from the final test results at Coho-1 supports initial gross production rates between 10 to 12 MMcf/d per day (approximately 1,667 to 2,000 boe/d) with Cascadura now set to provide a further step change.”

Baay added: “Given these results, the company will focus on multiple tie-in scenarios in order to maximize economic value.

“The Ortoire exploration block continues to consistently and dramatically outperform expectations and presents an exciting new opportunity for both Touchstone and the onshore oil and gas industry in Trinidad."

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Price: 24.01 GBX

AIM:TXP
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Market Cap: £43.99 m
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