Touchstone Continues Winning Streak in Trinidad

Touchstone has reported another positive well result at its flagship Ortoire exploration block onshore Trinidad and Tobago.

The Cascadura Deep-1 well encountered "significant hydrocarbon accumulations" based on drilling and wireline log data, the London-listed company said in a statement on December 3. Drilled to a total depth of 8,303 ft (2,530 m), it found a 1,315-ft gas pay in four unique thrust sheets in the Herrera sands at a depth of over 5,455 ft, and a 1,007-ft gas pay in overthrust sheets.

An additional 308-ft gas pay was encountered in two previously untested Herrera thrust sheets.

"The Cascadura Deep-1 is the best well we have drilled on the Ortoire property to date," Touchstone CEO Paul Baay said in a statement. "It has provided three key pieces of information, primarily that the Cascadura field has numerous targets with each one of the thrust sheets providing its own unique opportunity. It has also shown that the system is hydrocarbon-charged and that in time we will require more drilling horsepower to evaluate the deeper zones."

Touchstone operates Ortoire with a 80% interest, while local state-owned partner Heritage Petroleum has 20%. It made its first gas discovery at the site in September last year after drilling the Coho-1 well, followed by a second at the Cascadura-1ST1 well in February this year and a third at the Chinook-1 well in October. Cascadura Deep-1 is the fourth of five wells Touchstone has committed to drill at Ortoire.

"We now have a unique opportunity to design a development drilling programme in the area and expand our exploration programme while we complete and tie-in-the existing Cascadura and Chinook wells," Baay said. "The time required to undertake this will allow us to secure additional equipment and submit a full field development plan to proceed with a continual drilling programme."

Touchstone is set to enter a new phase of rapid production growth thanks to the Ortoire successes, Baay said.