(Alliance News) - Touchstone Exploration Inc on Thursday said the first stage of flowback testing at the Cascadura-1ST1 well has confirmed the well as a significant liquids-rich natural gas discovery.
Shares in Touchstone Exploration were up 38% at 40.65 pence each in London.
The Cascadura-1ST1 well is located on the Ortoire exploration block, onshore Trinidad & Tobago. Touchstone is the operator and owns 80% working interest and Heritage Petroleum Co Ltd owns remaining 20% working interest.
Cacadura-1ST1 well testing commenced on Tuesday, the company said, with the first stage testing the lower most 162 feet of a total of 777 feet of identified pay in the Herrera formation.
Average flowback rate during the final 14-hour test period was 5,180 barrels of oil equivalent per day, including 26.9 million cubic feet per day of natural gas and 694 barrels per day of natural gas liquids, Touchstone said.
"To put these results in context, our average daily oil production for the three months ended September 30, 2019, was 1,729 barrels of oil equivalent per day," said Touchstone President & Chief Executive Paul Baay.
The first stage of well testing produced a total of 28.6 million cubic feet of gas and 680 barrels of natural gas liquids.
Calgary, Canada-based Touchstone intends to shut-in the Cascadura-1ST1 well to build up pressure, following which it intends to complete testing an additional 450 feet of identified pay.
By Tapan Panchal; tapanpanchal@alliancenews.com
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Touchstone Exploration (TXP)