Touchstone Exploration makes significant oil discovery
CALGARY, ALBERTA: Touchstone Exploration Inc. has made a significant crude oil discovery with the Cascadura-1ST1 well on the Ortoire exploration block, onshore in the Republic of Trinidad and Tobago.
The Company expects to complete and test the Cascadura-1ST1 well in the first quarter of 2020. Cascadura is the second prospect of four on the Ortoire block with initial test results at COHO-1 previously released by the Company on November 18, 2019.
Paul R. Baay, President and Chief Executive Officer, commented: "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. 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 program in the area."
As previously reported, the Cascadura-1 exploration well (Touchstone 80% working interest operator, Heritage Petroleum Company Limited 20% working interest) was spud on October 4, 2019 using Well Services Petroleum Ltd. Rig #80.
After encountering mechanical issues with the drilling rig, the well was sidetracked beneath surface casing and was drilled to a total measured depth of 6,350 feet (6,100 feet true vertical depth) on December 9, 2019.
The well was originally targeted to be drilled to 8,150 feet however, while drilling the well, we encountered several distinct high-pressure hydrocarbon kicks that were controlled through the use of high-weight drilling fluid and pressure control.
In the first quarter of 2020, the Company expects to initiate a comprehensive completion and testing plan to evaluate the economic potential of the prospective oil sands.
The Cascadura-1ST1 well is the second of four minimum commitment earning exploration wells under Touchstone's Ortoire Exploration and Production Licence. The Company has an 80% working interest in the licence but is responsible for 100% of the drilling, completion and testing costs associated with the initial four exploration wells. Heritage Petroleum Company Limited holds the remaining 20% working interest.