19th Dec 2019 12:38
(Alliance News) - Touchstone Exploration Inc on Thursday said final testing of the Coho-1 exploration well in Trinidad has "greatly" exceeded expectations.
The Coho-1 well is located on the Ortoire exploration block onshore Trinidad. Calgary-based Touchstone has an 80% stake in Ortoire.
Results from testing show an absolute open flow of 46.0 million cubic feet of gas per day, approximately 7,671 barrels of oil equivalent per day.
Touchstone's modelling suggests the Coho-1 well could produce initially at 1,333 barrels to 1,600 barrels of oil equivalent per day net to Touchstone.
Analysis suggest the gas is pure, sweet, and dry, Touchstone said, with no hydrogen sulphide and negligible liquids.
Coho-1, as reported in November, discovered "material" volumes of natural gas in two sand packages in the Herrera formation.
"Final testing of the Coho-1 exploration well displayed natural gas rates that greatly exceeded the company's expectations and is expected to materially contribute to our near-term growth," commented Chief Operating Officer James Shipka.
"With production testing and analysis completed and verified independently, the company has a clear indication of the potential of Coho-1 and is moving forward to bring the well on stream in the first half of 2020."
Touchstone shares were marginally lower on Thursday afternoon in London at a price of 20.99 pence each. They are up 58% in the last 30 days, with shares surging on Monday after Touchstone announced a "significant" oil discovery at the Cascadura-1ST1 well, also onshore Trinidad.
By George Collard; [email protected]
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