Touchstone Exploration Inc (LON:TXP) (CVE:TXP) said the Ortoire exploration block in Trinidad continues to exceed expectations as it confirmed the completion of drilling at the Cascadura Deep-1 exploration well.
Cascadura Deep-1 was drilled down to a total depth of 8,303 feet and was paused before reaching the planned depth of 10,600 feet because high-pressure gas zones were encountered while drilling.
Nevertheless, the well encountered some 2,100 feet of the targeted Herrera sands across multiple stacked zones. Wireline logging, meanwhile, indicated some 1,315 feet of natural gas pay across four such zones - described by Touchstone as ‘unique thrust sheets’.
Touchstone also said there is 1,007 feet of natural gas pay identified in ‘overthrust sheets’, which represents a 20% increase compared to the prior Cascadura-1ST1 discovery well.
Additionally, some 308 feet of natural gas play is seen in two previously untested Herrera thrust sheets which are deeper than seen in Cascadura-1ST1.
“The Cascadura Deep-1 well is the best well we have drilled on the Ortoire property to date,” said Paul Baay, Touchstone chief executive in a statement.
“It has provided three key pieces of information, primarily that the Cascadura field has numerous targets with each one of the thrust sheets providing its own unique opportunity. It has also shown that the system is hydrocarbon charged and that in time we will require more drilling horsepower to evaluate the deeper zones.”
Baay added: “We now have a unique opportunity to design a development drilling program in the area and expand our exploration program while we complete and tie-in the existing Cascadura and Chinook wells.
“The time required to undertake this will allow us to secure additional equipment and submit a full field development plan to proceed with a continual drilling program.”
Baay told investors that, thanks to the Ortoire successes, Touchstone will now enter a new phase of rapid production growth along with a balanced portfolio of development and exploration opportunities.