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Touchstone Exploration suspends Cascadura well testing to add equipment able to handle higher volumes

"This is the best possible outcome for the initial test results from the Cascadura well," said chief executive Paul Baay

Touchstone Exploration Inc - Touchstone Exploration Inc suspends Cascadura well testing to add equipment able to handle higher volumes

Touchstone Exploration Inc (LON:TXP) told investors that the first stage of testing at the Cascadura-1ST1 well, at the Ortoire exploration project in Trinidad, has been suspended so the company can source alternative equipment capable of handling higher volumes of both natural gas and liquids.

The company, in a statement, said that significant pressures and natural gas volumes were encountered upon commencement of ‘clean up’ flows.

Paul Baay, Touchstone chief executive, said: "This is the best possible outcome for the initial test results from the Cascadura well, as natural gas and liquids have superior economic value under the Trinidad fiscal regime."

READ: Touchstone Exploration Trinidad gas discovery to add material growth

He added: “Based on the information acquired while drilling, the thick sand we encountered in the well appeared to contain oil with some associated gas.

“It is now evident that it is likely a liquids-rich gas structure. Given this is only the lowermost 162 feet of pay in the well, these initial results are extremely encouraging."

Cascadura-1ST1 was opened up on 18 January and remained open for 97 minutes allowing the recovery of load fluid, hydrocarbon emulsion and gas to surface.

A pressure measure built to 4,200 pounds per square inch (psi) which is deemed too high for safe use of the current equipment. Additional equipment is now being mobilised to the well site.

Tocuhstone said it expects that testing will resume over the coming ten days.

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Price: 76 GBX

AIM:TXP
Market: AIM
Market Cap: £139.96 m
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