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(Alliance News) - Touchstone Exploration Inc on Monday said it has made a "significant" crude oil discovery at the Cascadura-1ST1 well, onshore Trinidad & Tobago.
The stock was 56% higher in London in morning trade at 21.50 pence a share.
Touchstone encountered 1,037 feet of total net oil pay at the well with the largest find, measuring 600 feet, found in the Middle Herrera member. Other finds were made in the Lower Cruse as well as Upper and Lower Herrera members of the mid-Miocene Cipero formation.
The Canadian oil and gas company said the well was originally targeted to be drilled to 8,150 feet but while drilling the well the company encountered several high-pressure hydrocarbon kicks.
For safety reasons, Touchstone has decided to cease drilling and case the well to preserve the oil-saturated sand reservoirs.
The company expects to complete and test the Cascadura-1ST1 well in the first quarter of 2020.
"The well results far exceed any pre-drill expectations. This well is not only a significant discovery and milestone for Touchstone, but we believe it also establishes a new development stage for onshore drilling in Trinidad," said Chief Executive Paul Baay.
Looking ahead, Baay added: "In the new year, we expect to test each zone independently in order to better understand the economic potential of the prospective oil sands, and if the findings are positive, it will set up an expansive development drilling program in the area."
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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