Touchstone makes energy find

TOUCHSTONE Exploration Inc on Monday announced a "liquids rich natural gas discovery" in its Cascadura Deep-1 well in the onshore Ortoire block in Trinidad and Tobago.

In a statement, the company said well production testing began on April 8, with flow tests spanning a total of 58 hours. Those were followed by an initial shut-in period and a five-step rate test, including a 24-hour extended flow test.

During the extended flow test period, the well achieved a peak production rate of approximately 4,567 barrels of oil equivalent per day (boe/d) and 90 per cent of that is natural gas.

Touchstone said, "This production rate included approximately 24.5 MMcf/d (million cubic feet per day) of natural gas and 477 bbls/d (barrels per day) of NGLs (natural gas liquidis) flowing at 1,917 psi (pounds per square inch)."

Touchstone president and CEO Paul Baay said, "The positive test results from Cascadura Deep-1 further expands the opportunity on the Ortoire block as we now expect to have two distinct and separate sheets producing from two wells in the Cascadura structure.

"We will accelerate operations required to bring the two Cascadura wells onto production as the test results allow us to properly size surface facilities for reservoir management. We are also moving forward with the required applications to establish a second Cascadura surface location, designed for up to four development wells."

Baay said the test results demonstrated the clear future production opportunities for the company.

Touchstone has an 80 per cent operating working interest in the well. Heritage Petroleum Company Ltd holds the remaining 20 per cent.