leadf
logo-loader
viewTouchstone Exploration Inc

Touchstone Exploration says Ortoire discoveries continue to exceed expectations as it unveils latest well results

“The Cascadura Deep-1 well is the best well we have drilled on the Ortoire property to date,” said chief executive Paul Baay

Touchstone Exploration Inc - Touchstone Exploration says Ortoire discoveries continue to exceed expectations as it unveils latest well results

Touchstone Exploration Inc (LON:TXP) (CVE:TXP) said the Ortoire exploration block in Trinidad continues to exceed expectations as it confirmed the completion of drilling at the Cascadura Deep-1 exploration well.

Cascadura Deep-1 was drilled down to a total depth of 8,303 feet and was paused before reaching the planned depth of 10,600 feet because high-pressure gas zones were encountered while drilling.

Nevertheless, the well encountered some 2,100 feet of the targeted Herrera sands across multiple stacked zones. Wireline logging, meanwhile, indicated some 1,315 feet of natural gas pay across four such zones - described by Touchstone as ‘unique thrust sheets’.

Touchstone also said there is 1,007 feet of natural gas pay identified in ‘overthrust sheets’, which represents a 20% increase compared to the prior Cascadura-1ST1 discovery well.

READ: Touchstone continues to prioritise Ortoire discoveries

Additionally, some 308 feet of natural gas play is seen in two previously untested Herrera thrust sheets which are deeper than seen in Cascadura-1ST1.

“The Cascadura Deep-1 well is the best well we have drilled on the Ortoire property to date,” said Paul Baay, Touchstone chief executive in a statement.

“It has provided three key pieces of information, primarily that the Cascadura field has numerous targets with each one of the thrust sheets providing its own unique opportunity. It has also shown that the system is hydrocarbon charged and that in time we will require more drilling horsepower to evaluate the deeper zones.”

Baay added: “We now have a unique opportunity to design a development drilling program in the area and expand our exploration program while we complete and tie-in the existing Cascadura and Chinook wells.

“The time required to undertake this will allow us to secure additional equipment and submit a full field development plan to proceed with a continual drilling program.”

Baay told investors that, thanks to the Ortoire successes, Touchstone will now enter a new phase of rapid production growth along with a balanced portfolio of development and exploration opportunities.

Quick facts: Touchstone Exploration Inc

Price: 166 GBX

AIM:TXP
Market: AIM
Market Cap: £346.44 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Touchstone Exploration Inc named herein, including the promotion by the Company of Touchstone Exploration Inc in any Content on the Site, the...

FOR OUR FULL DISCLAIMER CLICK HERE

Touchstone Exploration signs 'biggest deal ever' worth up to $2.2bln

Touchstone Exploration Inc's (LON:TXP) Paul Baay talks to Proactive London's Katie Pilbeam after entering a long-term natural gas sales agreement with the National Gas Company of Trinidad and Tobago Limited.  Baay says this is 'probably the biggest deal Touchstone will ever...

4 weeks, 2 days ago

2 min read