Canadian Company Announces “Significant Crude Oil Discovery” In Trinidad

PORT OF SPAIN, Trinidad and Tobago, December 17, 2019 (CMC) – Canadian-owned energy company, Touchstone Exploration, said it has made a “significant crude oil discovery” in its onshore Cascadura field in Ortoire, east of here, “far exceeding any pre-drill expectations”.

“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,” said Paul Baay, Chief Executive Officer of the Calgary, Alberta-based company.

“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.”

Cascadura is a joint project of Touchstone, which has an 80 percent working interest, and the recently-formed state-owned, emerging oil and gas company, Heritage Petroleum, which has 20 percent. The well was first drilled on October 4, and on December 9, it was drilled, again, to a total measured depth of 6,350 feet.

In a statement, Touchtone said that Cascadura’s logs indicated significant prospective oil pay – a reservoir or portion of a reservoir that contains economically producible hydrocarbons – totalling 1,037 feet, from 1,374 feet of gross sand.

It said 80 net feet of oil pay was encountered in the regional, lower cruse sands at measured depths between 1,030 and 2,134 feet, and 180 net feet of oil pay was encountered in an Upper Herrera Gr7c thrust sheet, at measured depths between 4,198 and 4,994 feet. These sands were not previously encountered in any offset wells in the area.

The company said 600 net feet of oil pay was encountered in a Middle Herrera Gr7c thrust sheet, at measured depths between 5,516 and 6,162 feet. These sands were also not reported in any offset wells previously drilled in the area. And 177 net feet of oil pay was encountered in a Lower Herrera Gr7a thrust sheet at measured depths between 6,162 and 6,350 feet, which was one of the company’s targeted sands, as identified in the offsetting well.

The company said it expects to complete and test the Cascadura-1ST1 well in the first quarter of 2020.