Touchstone Exploration has announced that it spud the Cascadura Deep-1 well on October 27th 2020.
According to a release from the company, the well was spud ahead of schedule. The release further states that the company is currently drilling the surface hole to a planned casing depth of 900 feet.
The surface location is on the same drilling pad as the previously drilled Cascadura-1ST1 well with the bottom hole location anticipated to be 1,300 feet to the south east. The well is targeting three distinct Herrera thrust sheets and is designed for a total depth of 10,600 feet. The current drilling plan is based on a 45-day drilling schedule.
The company has also indicated that is designing a program to commence testing of the Chinook-1, prior to the end of 2020. The program includes coordinating the mobilization of the test equipment and service rig to begin testing immediately upon casing the Cascadura Deep-1 well. This expectation is subject to a number of uncertainties, including receipt of required regulatory approvals, weather, and drilling operations at Cascadura Deep-1.
Paul Baay, President and CEO said "I am delighted to report that the team continues to push forward with operations at Cascadura Deep-1 and Chinook-1 ahead of schedule. While the pandemic has caused delays regarding the tie-in of Coho-1, we are pleased to have received initial approvals for the extension of the Ortoire licence, a recognition of the Trinidad Government's commitment to this exploration program and a reward for the recent exploration success that Touchstone has enjoyed. This extension will provide us with the time required to drill an additional well and complete the required seismic program in the first half of 2021. I ask shareholders to continue to be patient with us as we move forward and finalize the gas purchase agreement with NGC, and I look forward to providing an update to the market in due course."
James Shipka, Chief Operating Officer, said "As we near the end of the first phase of our Ortoire exploration drilling program, we are continuing to see the tremendous potential of the block. Our subsurface team continues to refine their geological and geophysical models based on the initial success of our exploration program, and the Company is now building a significant inventory of both development and exploration locations on the property. With success at Coho, Cascadura, and now Chinook, we have identified an inventory of up to ten development wells offsetting our discoveries. At the same time, the team has identified a further 21 exploration prospects on the block which will represent our second phase of exploration at Ortoire."