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Touchstone Exploration Inc. ("Touchstone" or the "Company") (TSX:TXP)(LSE:TXP) has released an operational update highlighting significant advancements in its Cascadura project, further solidifying its position in the hydrocarbon sector.
Successful Completion of Cascadura C Wells
Touchstone has successfully completed the Cascadura-2ST1 and Cascadura-3ST1 wells. The initial shut-in wellhead pressures for these wells are impressive, building to 3,600 psi and 2,665 psi, respectively. These results indicate strong performance and potential for further exploration.
Gas Presence Confirmed at Cascadura-2ST1
The Cascadura-2ST1 well has shown significant gas presence, with the observed fluid column gradient in the tubing suggesting substantial natural gas reserves. This finding reinforces the geological models established by the Company and is comparable to the successful outcomes from the Cascadura-1ST1 well.
Crude Oil and Natural Gas Findings at Cascadura-3ST1
On September 17, 2024, Cascadura-3ST1 successfully flowed crude oil from the lower sheet 5 Herrera interval. Following this, a test conducted on September 26 confirmed the presence of natural gas from the sheet 4 Herrera interval. These results highlight the potential for hydrocarbon extraction in the area.
Flowline Installation and Infrastructure Enhancements
Touchstone has completed the installation of the flowline connecting the Cascadura C surface location to its natural gas facility. Hydrotesting of the line will commence shortly, marking an important step toward operational readiness. Additionally, the installation of a test separator at the Cascadura natural gas facility and the completion of the riser at the Cascadura B site will optimize operational capabilities and enhance efficiency.
Significant Production Increase at Balata East
Since acquiring the Balata East field in June 2024, Touchstone has seen a remarkable production increase of nearly 300 percent. This surge is a direct result of a targeted workover and optimization program, showcasing the effectiveness of the Company’s strategic initiatives.
Paul R. Baay, President and Chief Executive Officer, expressed enthusiasm regarding the recent well tests. "The results from the Cascadura-2ST1 well test are highly promising and closely mirror the responses observed at the Cascadura-1ST1 well. We are eager to connect it to the completed pipeline and begin testing at our facility as soon as possible."
Baay also highlighted the significance of the findings at Cascadura-3ST1. "The discovery of crude oil during the initial test underscores the potential within the Ortoire acreage. The encouraging results open up new liquid opportunities on the block, particularly the economic hydrocarbons confirmed on the east side of Fault C, areas not previously booked as reserves."
Despite delays in finalizing the tie-in for the wells on pad C, Baay emphasized the invaluable insights gained for future drilling efforts. "We are proactively establishing essential infrastructure at Cascadura to accelerate the development of upcoming wells, significantly reducing the time from drilling to production."
