London-listed Touchstone Exploration (AIM:TXP) has made a significant crude oil discovery in the Cascadura-1ST1 well on the Ortoire exploration block, onshore Trinidad and Tobago.
The Cascadura-1ST1 well indicated what is labelled as ‘significant oil pay’ totalling 1,037 feet from 1,374 feet of gross sand.
Paul R. Baay, President and Chief Executive Officer, said the results “far exceeded” any pre-drill expectations.
The well also encountered a further 80 net feet of oil pay in the regional lower cruse sands,180 net feet in the Upper Herrera, 600 net feet in the Middle Herrera as well as 177 net feet in the Lower Herrera.
The company now expects to complete and test the Cascadura-1ST1 well in the first quarter of 2020.
“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,” commented Baay.
Shares in Touchstone Exploration were trading 61% higher at 22.19p on Monday morning.
Touchstone expects to independently test each zone in the new year so the group can “better understand” the economic potential of the prospective oil sands.
“If the findings are positive,” Baay said, “it will set up an expansive development drilling program in the area."
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.
In November, the company reported a higher-than-expected production rate from its Coho-1 well which makes up the smallest prospect in the Ortoire exploration programme.
“The results outline the opportunities that still exist for onshore Trinidad exploration and position Touchstone to become a top three onshore petroleum producer,” Baay commented at the time.
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