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(Alliance News) - Shares rose in Touchstone Exploration Inc on Monday following its final test results from the Cascadura-1ST1 well on the Ortoire exploration block, onshore Trinidad, which revealed a larger pool reservoir than originally expected.
Shares in the Calgary-based oil & gas firm were 10% higher at 50.60 pence on Monday in London.
In the Upper test of the well, flow and build up results suggested an absolute open flow natural gas rate of 390 million cubic feet per day at the sandface, while the final 24-hour extended flow test rate averaged 5,472 barrels of oil equivalent per day, of which 84% was natural gas.
Meanwhile, the condensate gas ratio was 28 barrels of 55 degrees API condensate per million cubic feet of natural gas.
For the Lower test, the flow and buildup results suggested an AOF gas rate of 92 million cubic feet per day at the sandface.
The final 24-hour extended flow test rate averaged 5,157 boe per day, of which 87% was natural gas. In addition, the condensate gas ratio was 26 barrels of 55 degrees API condensate per million cubic feet of natural gas.
Analysis of the gas indicated sweet, liquids-rich natural gas with no hydrogen sulfide and no entrained water. Based on data from both tests, Touchstone concluded that the Cascadura-1ST1 reservoir is unbounded within the area of investigation, confirmed a larger pool than initially anticipated.
Absolute open flow potential modelling indicates that it is reasonable to design for an initial gross production rate of between 7,750 boe and 9,700 boe per day, based on estimated gross rates of 40 to 50 million cubic feet per day of natural gas and 1,100 to 1,400 boe per day of condensate.
"We are extremely pleased with the final testing data and GLJ's independent analysis of the stage one and stage two information, as both confirm the tremendous potential of the Cascadura-1ST1 discovery. The low sandface drawdown, high reservoir pressure, and rapid recovery suggest a sizeable reservoir with excellent production potential," said Chief Operating Officer James Shipka.
"On this basis, we will likely require additional drilling and production at Cascadura to fully understand and optimize production from the structure. We are now working with GLJ to complete an independent reserves evaluation for the Cascadura feature, which we expect in July," Shipka added.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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