(Alliance News) - Touchstone Exploration Inc on Monday reported "extremely encouraging" results from testing of a well in Trinidad & Tobago.
Calgary-based Touchstone has been evaluating the lowermost 162 foot pay interval at the onshore Cascadura-1ST1 well. It has since been shut-in, with pressures too high for current equipment.
The company said that before shut-in, fluid, hydrocarbon emulsion, and gas were recovered at the service after 97 minutes of testing.
Chief Executive Paul Baay said: "This is the best possible outcome for the initial test results from the Cascadura well, as natural gas and liquids have superior economic value under the Trinidad fiscal regime.
"Based on the information acquired while drilling, the thick sand we encountered in the well appeared to contain oil with some associated gas. It is now evident it is likely a liquids rich gas structure. Given this is only the lowermost 162 feet of pay in the well, these initial results are extremely encouraging."
Touchstone is the operator of the well with an 80% stake, alongside partner Heritage Petroleum Co Ltd.
Touchstone shares were 1.9% higher on Monday morning in London at a price of 22.32 pence each.
By George Collard; georgecollard@alliancenews.com
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Touchstone Exploration (TXP)