Touchstone spudded the Coho-1 exploration well on the Ortoire exploration block on August 7, 2019 using Well Services rig #80. The Coho-1 well is targeting gas prospects in the Herrera formation at depths between 5,200 and 8,500 feet.

Paul R. Baay, President and Chief Executive Officer said, "It is very exciting to commence drilling in Ortoire at our Coho-1 prospect. This is a significant milestone for Touchstone as we begin drilling the prospective exploration wells.”

According to the operational update from the Canadian company, the well offsets the Corosan-1 well drilled by Vintage Petroleum Inc. in 2001. Touchstone's Coho-1 well is targeting the same zones tested in the Corosan-1 well in an up-dip location and the well is also expected to penetrate a second and previously untested thrust sheet that the Company deems prospective based on 3D seismic and offset production records.

The Coho-1 well is expected to be drilled to a total measured depth of 8,545 feet at an estimated cost of approximately US$3 million. Drilling is anticipated to take approximately 28 days and the Company will make a further announcement once the well is drilled and logged. Following rig release, we will utilize a smaller service rig to test the well. Testing is anticipated to take up to 30 days as a full flow and build-up is planned to be completed on each zone.

The Coho-1 well is the first of four earning exploration wells under Touchstone's Ortoire Exploration and Production Licence.

Touchstone has an 80% working interest in the well but is responsible for 100% of the drilling, completion and testing costs associated with the well. Heritage Petroleum Company Limited holds the remaining 20% working interest.

Photo: Paul R. Baay, President and Chief Executive Officer, Touchstone Exploration, speaking at the Trinidad and Tobago Energy Conference