(Alliance News) - Touchstone Exploration Inc on Wednesday said testing of the Cascadura-1ST1 well confirms the "material" size of the discovery.
The Cascadura-1ST1 well is on the Ortoire exploration block, onshore Trinidad & Tobago. Touchstone owns an 80% working interest and is the operator, while Heritage Petroleum Co Ltd owns the remaining 20%.
Production testing of the Cascadura-1ST1 well was performed in two stages. Stage one included the lowermost 162 feet of pay in the Herrera formation, and the second stage included 345 feet of pay in the upper part of the same horizon.
The first stage of well testing delivered an average flowback rate of 5,157 barrels of oil equivalent per day, including 26.8 million cubic feet per day of natural gas and 691 barrels per day of natural gas liquids.
Calgary, Canada-based Touchstone said the second stage of flow testing reported an initial production range between 7,750 barrels and 9,700 barrels of oil equivalent per day, including an estimated 40 million to 50 million cubic feet per day of natural gas and an estimated 1,100 barrels to 1,400 barrels per day of natural gas liquids, significantly exceeding pre-drill expectations.
Paul Baay, president & chief executive of Touchstone, said: "In addition to estimated production at our Coho discovery and our existing production, this well gives us a clear path to 10,000 barrels of oil equivalent per day with an estimated 75% natural gas and 25% liquids product mix.
"With domestic demand for natural gas exceeding current production, Touchstone is working with industry partners to bring these new volumes on-stream as quickly as possible. With the Cascadura well only three kilometres from existing infrastructure."
Shares in Touchstone were up 2.3% at 33.00 pence each in London on Wednesday afternoon.
By Tapan Panchal; tapanpanchal@alliancenews.com
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Touchstone Exploration (TXP)