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(Alliance News) - Touchstone Exploration Inc on Tuesday confirmed that final production test results from its Royston-1 exploration well showed a light oil discovery, setting the way for the commerciality of the site.
"This third test confirms the commerciality of the newly discovered light oil pool at Royston. Data from all three of the production tests have confirmed that we have a long-term oil project that has the potential to provide future economic benefits to our shareholders and the country," commented Chief Executive Paul Baay.
The test was the final of three production tests of the Herrera Formation, located on the onshore Ortoire block on the island of Trinidad.
All three of the tests encountered economic oil and confirmed the presence of hydrocarbons, Touchstone explained.
The Calgary, Canada-based oil and gas company reported that the well flowed at an average rate of 705 barrels of oil per day with indicated oil cuts between 40% and 60% of 31-degree American Petroleum Institute gravity in its third Royston-1 test.
The second test established a light oil reservoir with an average API gravity of 30 degrees in the Herrera Formation with flow rates of up to 430 barrels of oil per day.
This compares to the oil recovered in the first test which had an average API gravity of 33 degrees with flow rates rates of up to 550 barrels of oil per day.
Touchstone were down 11% at 90.12 pence on Tuesday morning in London.
"This information, in the context of the 3,156-acre structure as defined in our 2D seismic interpretation, confirms a large volume of resources in place on the Royston property," added Baay, speaking about Touchstone's finding from the three exploratory tests.
By Will Paige; willpaige@alliancenews.com
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