press release
* This statement has been translated by an automated system.
Touchstone Exploration Statement
Calgary, Alberta (March 2, 2023) – Touchstone Exploration Inc. (“Touchstone”, “we”, “our” or “the Company”) (TSX, LSE: TXP) announces that the Company has completed drilling of the Royston-1X exploration well is pleased to announce that the large well encountered salary in the targeted Herrera formation .
Touchstone has an 80 percent operating interest in the well, which is located in the Ortoire block onshore in the Republic of Trinidad and Tobago. Heritage Petroleum Company Limited (“Heritage”) owns the remaining 20 percent business interest.
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Royston-1X was drilled at a depth of 11,316 feet and is the deepest exploration well ever drilled by Touchstone. |
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Exceeding pre-drill expectations, the well encountered an encouraging total thickness of Herrera turbidite of 1,664 feet with an estimated 765 feet of penetrating fine sand. |
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Clay logs and wire records indicate hydrocarbon accumulations in selected sections of Herrera. |
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The drilling took about 25 days, which was well ahead of schedule and budget. |
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The well is currently being cased and prepared for production testing. |
Paul Bay, President and CEO, commented:
“We are encouraged by the results of the Royston-1X drilling, but we remain cautiously optimistic until the production test is complete. Not only is it the deepest well we have drilled to date, but it is also the deepest well drilled onshore in Trinidad of the last 15 wells. The fact that the well was drilled can be attributed to before Punctual and on budget to the best industry standards Touchstone in Trinidad is driving, both through the introduction of new equipment and the additional expertise we have added to our technical team.
We are encouraged by the internally interpreted hydrocarbon indicators from the wire records, which show a fine intersection of the Herrera formation through the sub-bottom level in one of the thickest sections of turbidity observed in any of our previous wells. Once the rig is complete at our Cascadura C site, the rig will be moved from the Royston site and we will begin an extensive testing program that is currently expected to begin in April. We will update the market when the results are available.”
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