IN BRIEF: Touchstone shares jump on Cascadura-2 drilling results

Touchstone Exploration Inc - Canadian-based oil and gas exploration company - Says the Cascadura-2 delineation well in Trinidad and Tobago was drilled to a total depth of 7,132 feet. The Cascadura-2 well is currently being cased, and production testing is scheduled to commence in the third quarter of 2024 directly into the Cascadura natural gas facility. "The encouraging Cascadura-2 delineation well drilling results represent a great start to 2024. Cascadura-2 has proved up the concept of highly productive sands extending significantly to the east of our initial Cascadura discovery. We estimate that the well was drilled for under USD6 million on a gross basis, which further enhances the economics of this prolific hydrocarbon fairway. With this new data point, we can design a multi-year drilling program to fully develop the structure," says Chief Executive Paul Baay.

Current stock price: 54.00 pence, up 17%

12-month change: down 26%

By Sabrina Penty, Alliance News reporter

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