Touchstone Exploration Inc - onshore projects in Trinidad & Tobago - Says it has completed and tested the third interval at Chinook-1. Notes the well recovered load fluid with "minor" amounts of 35 degree API gravity oil and formation water. Says Chinook-1 will be placed on pump for an extended production test to evaluate the reservoir to determine commerciality and to guide future development.
President & Chief Executive Paul Baay says: "While some shareholders may be disappointed with oil findings, it is worth highlighting that our view towards gas only evolved following our prolific gas discovery at Cascadura, which is 1.5 kilometres to the north and in a separate geological structure. The test results at Chinook are a reminder that while these are independent exploration targets, the Herrera sands have the potential for gas, light oil, or a combination of hydrocarbons."
Current stock price: 88.95 pence, down 33% on Wednesday
Year-to-date change: down 29%
By Zoe Wickens; zoewickens@alliancenews.com
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Touchstone Exploration (TXP)