CALGARY, Canada, Thursday December 19, 2019 – Calgary-based Touchstone Exploration Inc. has made what it says is a “significant” onshore oil discovery in Trinidad and Tobago that it said exceeded expectations.
The find, announced this week, was made in Touchstone’s Cascadura-1ST1 well on the Ortoire exploration block.
“The well results far exceed any pre-drill expectations, This well is not only a significant discovery and milestone for Touchstone, but we believe it also establishes a new development stage for onshore drilling in Trinidad,” Touchstone President and CEO Paul Baay said in a company statement.
“In the new year, we expect to test each zone independently in order to better understand the economic potential of the prospective oil sands, and if the findings are positive, it will set up an expansive development drilling programme in the area.”
Touchtone said that Cascadura’s logs indicated significant prospective oil pay – a reservoir or portion of a reservoir that contains economically producible hydrocarbons – of 1,037 feet.
The company expects to complete and test the Cascadura-1ST1 well in the first quarter of next year.
Cascadura is a joint project of Touchstone, which has an 80 per cent working interest, and the formed state-owned, emerging oil and gas company, Heritage Petroleum, which has 20 per cent.
It is the second prospect of four on the Ortoire block, the first being the Coho-1 well. The absolute flow rate of Coho-1 was 46 million cubic feet a day, or the equivalent of 7,671 barrels of oil, but after modelling Coho-1, Touchstone expects the initial production rates to be in the order of 10-12 million standard cubic feet a day – 1,667 to 2,000 barrels of oil equivalent.
The Canadian company has production assets across 10 licence blocks in Trinidad, including 208 well locations over 7,910 acres.