Monday 24 February, 2020

Touchstone makes significant oil discovery at Cascadura

Canada-based oil and gas exploration company Touchstone has made a “significant” crude oil discovery at the Cascadura well on its Ortoire exploration block.

Paul R. Baay, President and Chief Executive Officer in announcing the onshore find on Monday said the well results far exceeded the company’s pre-drill expectations.

He hailed the discovery as the beginning of a new development stage for onshore drilling in Trinidad.

“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," Baay said.

The Cascadura-1 exploration well 80 percent owned by Touchstone and 20 percent owned by Heritage Petroleum Company Limited was spud on October 4, 2019. The well was drilled to a total measured depth of 6350 feet (6100 feet true vertical depth) on December 9, 2019.

Cascadura cased hole wireline logs indicated significant prospective oil pay totaling 1037 feet from 1374 feet of gross sand. 

The company noted 80 net feet of oil pay was encountered in the regional Lower Cruse sands at measured depths between 1030 and 2134 feet.

One hundred and eighty net feet of oil pay was encountered in an Upper Herrera Gr7c thrust sheet at measured depths between 4198 and 4994 feet. These sands were not previously encountered in any offset wells in the area.
Meanwhile, 600 net feet of oil pay was encountered in a Middle Herrera Gr7c thrust sheet at measured depths between 5516 and 6162 feet. These sands were also not reported in any offset wells previously drilled in the area.

One hundred and seventy-seven net feet of oil pay was encountered in a Lower Herrera Gr7a thrust sheet at measured depths between 6162 and 6350 feet, which were one of the Company's targeted sands as identified in the offsetting well.

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 with initial test results at COHO-1 previously released on November 18.

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