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Touchstone Exploration’s latest Cascadura well tests confirm “vast opportunity” at Ortoire

Two tests have yielded aggregate flow rates above 10,000 boepd and the company is now working to bring the well to production as soon as possible

Touchstone Exploration Inc - Touchstone Exploration’s latest Cascadura well tests confirm “vast opportunity” at Ortoire

Touchstone Exploration Inc (LON:TXP) has released the latest impressive test results from the Cascadura-1ST1 well, in the Ortoire exploration block, which in aggregate has now delivered rates in excess of 10,000 barrels oil equivalent per day (boepd).

Prior testing in February evaluated a lower section, of 162 feet, in the Herrera formation and measured flow rates of up to 5,180 boepd.

Now, the second round of tests took place on a section of 345 feet in the upper part of the Herrera formation. It began on 8 March and achieved a peak flow rate of 5,760 boepd, comprising 29.4mln cubic feet of gas and 865 barrels of natural gas liquids.

WATCH: Touchstone Exploration: Second test 'confirms material size of discovery at Cascadura'

Touchstone told investors that the test results support a possible initial production range of 7,750 to 9,700 boepd, including 1,100 to 1,400 barrels of gas liquids, which is significantly ahead of the company’s pre-drill expectations.

"This second test, focusing on the upper 345 feet of pay, confirms the material size of the discovery at Cascadura and the vast opportunity that exists on our Ortoire property,” said Paul Baay, Touchstone chief executive.

“In addition to estimated production at our Coho discovery and our existing production, this well gives us a clear path to 10,000 boe/d with an estimated 75% natural gas and 25% liquids product mix.

“With domestic demand for natural gas exceeding current production, Touchstone is working with industry partners to bring these new volumes on-stream as quickly as possible.”

Baay highlighted that the Cascadura well is only three kilometres from existing infrastructure, and, the company is now evaluating the best forward plan to open up the discovery’s significant volumes for domestic sales.

Quick facts: Touchstone Exploration Inc

Price: 111.5 GBX

AIM:TXP
Market: AIM
Market Cap: £232.7 m
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