Touchstone Exploration announces that flowback testing of the first stage of the Cascadura-1ST1 well has been completed, confirming that the well is a significant liquids rich natural gas discovery.

Highlights

• Cascadura-1ST1 production testing commenced on February 4, 2020, with the first stage testing the lower msost 162 feet of a total of 777 feet of identified pay in the Herrera formation.
• Average flowback rate during the final 14-hour test period was 5,180 barrels of oil equivalent per day ("boe/d"), including 26.9 million cubic feet per day ("MMcf/d") of natural gas and 694 barrels per day ("bbls/d") of natural gas liquids.
• Peak flowback rate of 5,736 boe/d, including 30.2 MMcf/d of natural gas and 710 bbls/d of natural gas liquids.
• A total of 28.6 million cubic feet of gas (4,770 barrels of oil equivalent) and 680 barrels of natural gas liquids were produced during the testing period.
• Field analysis indicated liquids rich gas with no hydrogen sulfide and no produced water.
• The well is expected to be shut-in for a two-week pressure build-up test, following which we anticipate completing and testing an additional 450 feet of identified pay.

Paul Baay, President and Chief Executive Officer, commented:
“The Cascadura production test results represent a dramatic change for Touchstone, as it confirms the monumental resource potential of the Ortoire exploration block following the earlier success of our Coho-1 well. Furthermore, the test results are only attributable to the lower most portion of the well, and with 450 feet of contiguous sand to be tested, the full potential of the structure is yet to be defined.

To put these results in context, our average daily oil production for the three months ended September 30, 2019 was 1,729 bbls/d. The modelling from the final test results at Coho-1 supports initial gross production rates between 10 to 12 MMcf/d per day (approximately 1,667 to 2,000 boe/d) with Cascadura now set to provide a further step change. Given these results, the Company will focus on multiple tie-in scenarios in order to maximize economic value. The Ortoire exploration block continues to consistently and dramatically outperform expectations and presents an exciting new opportunity for both Touchstone and the onshore oil and gas industry in Trinidad.”

Link to Touchstone Exploration Trinidad and Tobago country profile