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Wednesday, July 23 2014 @ 09:48 AM AST

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Touchstone finds new oil in Trinidad

Toronto-listed Touchstone Exploration Inc, a company that already gets 70 per cent of its oil production from Trinidad, announced it found "net oil pay" at three of the four new wells it has drilled so far in 2014. In a July 17 release on the Toronto Stock Exchange (TSX), the company told investors the wells are the first of a 21 well drilling programme in 2014. In the industry, "pay" is a reservoir or portion of a reservoir formation that contains economically producible hydrocarbons.

In its operations update to the TSX, Touchstone said it "achieved average field estimated production for the first 13 days of July of 2,275 barrels per day; 1,769 barrels per day in Trinidad and 506 barrels per day in Canada; drilled and cased four wells in Trinidad; established positive operating cash flows from our Kerrobert (Canada) property in June 2014."

To date, the company said it has "successfully drilled four wells in total" in T&T. Two wells were drilled on the Forest Reserve WD-8 Block, one well on the Grand Ravine WD-4 Block, and one well on the Cory Moruga Block.

The two wells on Touchstone's WD-8 property were drilled to total measured depths of approximately 4,000 feet. "The first well (FR-1747) encountered 302 feet of net oil pay of which 170 feet is in the Lower Forest formation, 55 feet in the Upper Cruse, 18 feet in the Middle Cruse and 59 feet in the Lower Cruse formation," Touchstone said. The well will initially be completed in the Lower Cruse formation.

The second well (FR-1748) encountered in excess of 280 feet of net oil pay in the shallow section, of which 110 feet is in the Lower Forest, 85 feet in the Upper Cruse, and 85 feet in the Middle Cruse formation. Additional oil pay in the deeper Lower Cruse section will be quantified following cased hole logging operations.

"The well on our WD-4 property (PS-579) was drilled to a total depth of 6,800 feet. The well encountered 585 feet of net oil pay of which 231 feet is in the Upper Forest formation, 313 feet in the Lower Forest formation and 41 feet in the Upper Cruse formation," Touchstone said.

The Cory Moruga well - where Touchstone has a 16.2 per cent non-operated working interest - successfully reached its targeted total depth of approximately 6,600 feet. Testing and completion programmes are currently being drafted by the contract operator for execution in the near future, the company said.

"With these results, Touchstone remains on pace to complete our intended 21.3 well drilling program in 2014," the company said.

Over the last quarter, a lease automatic custody transfer (LACT) unit on WD-8 property became operational, the company said. The LACT unit allows for greater production capacity in the field and will no longer restrict production capabilities at the wellheads. Similar upgrades to the facilities at Coora were successfully installed and are currently awaiting regulatory certification, the company said.

Touchstone continues to finalize both of its exploration and production licenses on its East Brighton and Ortoire properties, the statement said. The company said it has been informed by the government of T&T that the execution of both licenses will occur prior to the end of the third fiscal year quarter.

Touchstone Exploration Inc describes itself as "a Calgary-based company engaged in the business of acquiring interests in petroleum and natural gas rights, and the exploration, development, production and sale of petroleum and natural gas. Touchstone is currently active in onshore properties located in the T&T and western Canada. The company's common shares are traded on the TSX under the symbol TXP.

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