Touchstone Confirms Major Trinidad Find
London-listed Touchstone Exploration said on July 20 that an appraisal by consultant GLJ has estimated the size of its Cascadura discovery made onshore Trinidad & Tobago in February at between 241.2 and 571.5bn ft3 of gas in place.
Trinidad & Tobago is home to an LNG export facility but it also has an industrial manufacturing base and methanol plant running on gas.
"We are delighted to report that the independent reserves report verifies the material size of the reserves yet to be produced in the Cascadura structure and provides the groundwork for a multi-year future onshore development programme in Trinidad," Touchstone's CEO Paul Baay said in a statement.
GLJ places the discovery's proved, probable and possible (3P) reserves at 73.2mn barrels of oil equivalent, and proved and probable (2P) reserves at 45mn boe and its proved (1P) reserves at 23.6mn boe. These resources are worth somewhere between $288mn and $803mn, according to the consultant. The find could produce at a peak rate of 22,600 boe/d, based on 3P reserves, and at 15,100 boe/d based on 2P resources.
""GLJ's independent evaluation of the Cascadura-1ST1 production test results and the subsequent reserves evaluation of the Cascadura assessment area confirms the tremendous potential of the Ortoire exploration block," Touchstone's chief operating officier James Shipka said.
The Cascadura find was made at the Ortoire block, which Touchstone operates with an 80% stake. Its state-owned partner Heritage Petroleum holds the remaining 20%. Touchstone is designing facilities and infrastructure to Cascadura's resources to market, he said, noting there was "a clear pathway to a multi-year development programme."
“We could not have envisioned a better start from the first two wells of the Ortoire exploration programme, and we look forward to updating the market and our Trinidad stakeholders as we progress with our Ortoire exploration and development activities in the coming months," Baay added.