(Alliance News) - Touchstone Exploration Inc on Friday said it finished drilling the Royston-1 exploration well, which encountered substantial hydrocarbon accumulations.
Shares in the Calgary, Canada-based upstream oil and gas company were 30% higher at 108.90 pence on Friday in London.
Royston-1 is located on the onshore Ortoire block in Trinidad & Tobago, in which Touchstone holds an 80% operating working interest.
The well was drilling to a total depth of 10,700 feet, and mud logging and wireline logs have indicated hydrocarbon accumulations in the Lower Cruse, Karamat and Herrera sections.
An aggregate 393 gross feet of hydrocarbon pay was identified in two unique thrust sheets in the Herrera sands from 9,700 feet to total depths. The well is being cased and prepared for production testing at the Herrera formation.
"The Royston-1 well was the fifth and final well of the first phase of our exploration drilling program on the Ortoire block, with logging data indicating better than expected results," said Chief Executive Officer Paul Baay.
"The amount of identified hydrocarbon pay further verifies the opportunity in the block for our future phase two exploration program. Prior to drilling, we targeted 200 feet of gross sand pay, with results almost doubling our expectations. The team has commenced planning production testing operations in the Herrera Formation using the same equipment that verified the Cascadura discovery."
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Touchstone Exploration (TXP)