Touchstone Exploration Inc (LON:TXP, TSX:TXP) appears to have exceeded expectations with the results from a gas well in Trinidad and Tobago.
Coho-1, on the Ortoire onshore exploration block, encountered 105 feet of net pay over four unique sand packages.
It was drilled to a total depth of 8,560 feet in less than a month and will now be evaluated for commercial production.
"Although Coho-1 targeted the smallest prospect in our Ortoire exploration inventory, the initial drilling results represent significant potential growth for the company,” said chief executive Paul Baay.
He said the presence of hydrocarbons in the turbidite sands of the Herrera sands confirmed the company's geological model is correct.
Oil shows were found in Coho-1, which, according to chief operating officer, James Shipka, “confirms the potential for further exploration targets in the lower Herrera sand sheets within the Ortoire exploration block”.
“This result gives the board and management a great deal of confidence to move directly to the Cascadura location which will test a separate structure targeting significant oil prospects in a similar geological setting," CEO Baay added.
Cascadura-1 is the second of four initial exploration wells planned for the Ortoire property. It will be drilled to 8,190 feet and is designed to test two oil zones in the Herrera sands in a fault block.