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Touchstone Exploration says latest results confirm Cascadura’s tremendous potential

"We are extremely pleased with the final testing data," said chief operating officer James Shipka

Touchstone Exploration Inc - Touchstone Exploration says latest results confirm Cascadura’s tremendous potential

Touchstone Exploration Inc (LON:TXP, CVE:TXP) has completed the final phase of testing on the Cascadura well in Trinidad, with two intervals both flowing above 5,000 barrels oil equivalent per day (boepd).

A 24-hour test, limited by the capacity of surface test equipment, saw the upper section flow at an average of 5,472 boepd while the lower flowed at 5,157 boepd.

Findings of flow and build-up testing suggested that the upper would have ‘absolute open flow (AOF) of 390mln cubic feet per day, while the same test suggested an AOF of 92mln cubic feet per day from the lower.

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Touchstone pointed out that analysis of the AOF suggests that it is reasonable to design for an initial production rate between 7,750 to 9,700 boepd, comprising 40 to 50 mln cubic feet of gas and 1,100 to 1,400 of condensate.

Additionally, it noted that the Cascadura reservoir appears to be unbounded within the area of investigation, confirming a larger pool than originally anticipated.

"We are extremely pleased with the final testing data and GLJ's independent analysis of the stage one and stage two information, as both confirm the tremendous potential of the Cascadura-1ST1 discovery,” James Shipka, Touchstone chief executive said in a statement.

“With minimal drawdown observed while flowing and with no boundaries seen in the analysis, the pressure data confirms that the Cascadura pool is larger than the area of investigation observed during the tests.

“On this basis, we will likely require additional drilling and production at Cascadura to fully understand and optimize production from the structure."

Shipka noted that Touchstone is presently working to provide an independent reserves evaluation for Cascadura, targeted for July, and, also next month, it plans to drill the next prospect, Chinook.

“With several near-term catalysts for the Company, now is an exciting time for Touchstone, and we look forward to updating all our stakeholders in due course," he added.

Quick facts: Touchstone Exploration Inc

Price: 166.7344 GBX

Market: AIM
Market Cap: £347.97 m

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