(Alliance News) - Touchstone Exploration Inc on Monday reported "positive" production test results for the Coho-1 well on the Ortoire exploration block, onshore in the Republic of Trinidad & Tobago.
Touchstone holds 80% working interest and is the operator of Coho-1 well, with Heritage Petroleum Co Ltd holding a remaining 20% working interest.
The oil & gas company said the Coho-1 exploration well was spudded in August and was drilled to a total depth of 8,560 feet. Wireline logs indicated 64 feet of prospective natural gas pay in the Herrera formation between 5,486 feet and 5,782 feet, Touchstone said.
Production testing of the Herrera formation started in mid-November, with a flowback period spanning seven hours using gradually increasing choke sizes.
During the final flowback period, Touchstone said a peak rate of 19.8 million cubic feet per day of natural gas was observed. The average natural gas rate associated with this final period was 17.5 million cubic feet per day.
During the total flowback test period, 2.1 million cubic feet of natural gas was recovered as well as 22.5 barrels of water.
Touchstone said it chose to shorten the flowback period and to conduct the balance of the testing at restricted drawdowns, given the higher-than-expected initial test rates and due to equipment limitations and concerns regarding the environmental impact of the test flare.
The average stabilized test rate over the past 11 hours was 11.8 million cubic feet, Touchstone said.
Upon completion of the stabilized flow test, the well will be shut-in for an extended pressure build-up test, the company noted.
"These positive well test results represent a new era for Touchstone as we expect to add significant natural gas volumes to our production base," said President & Chief Executive Paul Baay.
"We anticipate bringing the well on production during the first half of 2020," added Baay.
Touchstone shares were trading 12% higher in London on Monday morning at 12.88 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Touchstone Exploration (TXP)