(Alliance News) - Touchstone Exploration Inc on Monday said the initial Royston-1X production test on the least prospective part of the well has confirmed the presence of light crude oil at non-commercial rates.
The Calgary, Canada-based oil and gas company focused on Trinidad & Tobago holds an 80% operating interest in the well, located on the Ortoire block in Trinidad & Tobago.
Touchstone said the test, which is the first of five potential production tests of the Royston-1X well, indicated the deepest oil encountered on the Ortoire block to date.
The company plans to conduct further tests on the remaining four test targets at the Royston-1X well.
Chief executive Paul Baay said: "We are encouraged that the initial test of the Royston-1X well successfully confirmed the presence of light oil in the subthrust sheet, validating our internal wireline log analysis.
"The test results and crude oil analysis have been crucial to establish the extent of the hydrocarbon column penetrated by the wellbore, providing valuable baseline information for evaluating the log data and defining future testing intervals."
Touchstone shares fell 11% to 58.40 pence each in London on Monday morning.
By Harvey Dorset, Alliance News reporter
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Touchstone Exploration (TXP)