(Alliance News) -Â Touchstone Exploration Inc on Wednesday reported "significant hydrocarbon accumulations" after drilling the Chinook-1 exploration well.
Shares in Touchstone were up 33% at 117.50 pence in London on Wednesday.
Touchstone said Chinook-1 - on the Ortoire exploration block, onshore in the Republic of Trinidad & Tobago - was drilled to a total depth of 10,039 feet.
Touchstone owns an 80% working interest and is the operator of the Ortoire block, while Heritage Petroleum Co Ltd owns the remaining 20%.
Drilling samples and open hole wireline logs indicated that the Chinook-1 well encountered a "significant" Herrera turbidite package with a total thickness of 2,000 feet containing over 1,480 feet of sand. Open hole well logs and drilling samples indicated that these sands contain around 589 net feet of natural gas pay in three unique thrust sheets.
An additional natural gas pay of 20 net feet was encountered in the shallower Cruse formation.
In the first quarter of 2021, Touchstone expects to start a "comprehensive completion and testing plan" to evaluate the economic potential of the hydrocarbon sands.
"The results from the Chinook well exceeded pre-drill expectations. The successful exploration well further confirms the geological model developed by our team and is expected to provide significant development opportunities in the Chinook area," said President & Chief Executive Paul Baay.
By Lucy Heming;Â firstname.lastname@example.org
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