(Alliance News) - Touchstone Exploration Inc shares climbed on Monday, after it reported a promising reserves estimate at its Cascadura project area located in Trinidad & Tobago.
Touchstone was trading 12% higher at 63.00 pence in London on Monday afternoon.
The best estimate for gross discovered petroleum at the asset is 398.5 billion cubic feet, with a high estimate at 571.5 billion cubic feet and a low estimate at 241.2 billion cubic feet.
The reserves evaluation was conducted independently by Canada-based GLJ Ltd.
"GLJ's independent evaluation of the Cascadura-1ST1 production test results and the subsequent reserves evaluation of the Cascadura Assessment Area confirms the tremendous potential of the Ortoire exploration block," Touchstone Chief Operating Officer James Shipka said.
"The team is currently working hard to design the facilities and infrastructure required to bring the Cascadura gas and liquids to market as quickly as possible."
By Eric Cunha; ericcunha@alliancenews.com
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Touchstone Exploration (TXP)