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Touchstone Exploration upgrades reserves as first of two Ortoire discoveries are included

September's expectation beating Coho discovery in the Ortoire block was followed by a potentially more significant find in December's Cascadura well.

Touchstone Exploration Inc - Touchstone Exploration upgrades reserves as first of two Ortoire discoveries are included

Touchstone Exploration Inc (LON:TXP, CVE:TXP) has confirmed an upgrade to its reserves in Trinidad following the unlocking of discoveries in the Ortoire licence block.

Proved (1P) reserves increased by 6% to 11.8mln barrels oil equivalent while proved and probable (2P) reserves increased 14% to 22.05mln barrels.

The increase represents a 193% replacement of 2019’s production volumes, from the perspective of 1P reserves, while for 2P it was marked at 519%.

Consultant GLJ Petroleum, which authored the annual reserve report, valued the 1P reserve at US$83.7mln on the basis of a ‘10% discounted net present value of future net revenues’ valuation, whereas, for 2P reserves it set a value of US$153.9mln.

READ: Touchstone raises US$11.6mln to accelerate Ortoire campaign

The Coho discovery, confirmed in September, was assigned 1.14mln barrels of 1P and 3.34mln barrels of 2P in the report.

Coho was followed more recently in late December by the Cascadura well which made a “significant liquids-rich natural gas discovery”.

In testing Cascadura yielded flow rates of 5,180 barrels oil equivalent per day in initial testing.

Cascadura reserves were not estimated in the latest report, and, the well’s imminent next phase of testing will add further insight for Touchstone.

Commenting on the annual reserves report, chief executive James Shipka said: "The company's independent 2019 reserves evaluation reflected the strong performance of our base production and included the first reserves associated with our discoveries on the Ortoire exploration block.”  

“With gross working interest 2P reserves of over 20 Bcf (approximately 3.4 million boe) assigned at Coho, the company has exceeded the best estimates of the recoverable gas in the pool compared to the independent evaluation report prepared for the company in the prior year.

“With the second stage of the production test at Cascadura-1ST1 expected to commence this weekend, we look forward to updating our shareholders on this material discovery and the impact it will have on corporate reserves."

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Price: 84 GBX

Market Cap: £177.01 m

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