Touchstone Exploration announced that the company has made a significant crude oil discovery with the Cascadura-1ST1 well on the Ortoire exploration block, onshore Trinidad.
The company expects to complete and test the Cascadura-1ST1 well in the first quarter of 2020. Cascadura is the second prospect of four on the Ortoire block.
Touchstone President and CEO, Paul Baay said “The well results far exceed any pre-drill expectations. 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. In the new year, we expect to test each zone independently in order to better understand the economic potential of the prospective oil sands, and if the findings are positive, it will set up an expansive development drilling program in the area."
The Cascadura-1 exploration well (Touchstone 80% working interest operator, Heritage Petroleum Company Limited 20% working interest) was spud on October 4, 2019 using Well Services Petroleum Ltd. Rig #80.
The Cascadura-1ST1 well is the second of four minimum commitment earning exploration wells under Touchstone's Ortoire Exploration and Production Licence. The Company has an 80% working interest in the licence but is responsible for 100% of the drilling, completion and testing costs associated with the initial four exploration wells. Heritage Petroleum Company Limited holds the remaining 20% working interest.
In the first quarter of 2020, the Company expects to initiate a comprehensive completion and testing plan to evaluate the economic potential of the prospective oil sands.