(Alliance News) - Shares in Touchstone Exploration Inc climbed on Monday after it said flowback testing of one of its wells confirmed a liquids rich natural gas discovery.
The stock was trading 17% higher in London at 107.00 pence a share.
Calgary, Canada-based Touchstone owns 80% of the Cascadura Deep-1 well on the Ortoire block in Trinidad & Tobago while Heritage Petroleum Co Ltd holds the remaining 20%.
President & Chief Executive Paul Baay said the test results "demonstrate the clear future production opportunities for the company."
During testing 48.8 man-made cellulosic fibres of natural gas and 1,081 barrels of natural gas liquids were produced.
Analysis indicated liquids rich gas with no hydrogen sulfide or produced water.
"The positive test results from Cascadura Deep-1 further expands the opportunity on the Ortoire block as we now expect to have two distinct and separate sheets producing from two wells in the Cascadura structure," said Baay.
Touchstone also announced the extension of its lease with Heritage for oil-related operations at its Coora-1, Coora-2, WD-4 and WD-8 blocks to April 30, 2021.
By Will Paige; willpaige@alliancenews.com
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Touchstone Exploration (TXP)