TIDMTXP
RNS Number : 6476R
Touchstone Exploration Inc.
02 March 2023
ROYSTON-1X REACHES TOTAL DEPTH
CALGARY, ALBERTA (March 2, 2023) - Touchstone Exploration Inc.
("Touchstone", "we", "our", "us" or the "Company") (TSX, LSE: TXP)
reports that the Company has completed drilling the Royston-1X
exploration well and is pleased to announce that the well
encountered substantial sands in the targeted Herrera Formation.
Touchstone has an 80 percent operating working interest in the
well, which is located on the Ortoire block onshore in the Republic
of Trinidad and Tobago. Heritage Petroleum Company Limited
("Heritage") holds the remaining 20 percent working interest.
Highlights
-- Royston-1X was drilled to a total depth of 11,316 feet and
is the deepest exploration well drilled by Touchstone.
-- Exceeding pre-drill expectations, the well encountered an encouraging
total Herrera turbidite thickness of 1,664 feet with an estimated
765 feet of net sand penetrated.
-- Mud logging and wireline logs indicate hydrocarbon accumulations
in the targeted Herrera sections.
-- Drilling operations took approximately 25 days which was ahead
of schedule and on budget.
-- The well is currently being cased and prepared for production
testing.
Paul Baay, President and Chief Executive Officer, commented:
"We are encouraged by the Royston-1X drilling results yet remain
cautiously optimistic until production testing is completed. Not
only is this the deepest well we have drilled to date but it also
is the deepest well drilled onshore Trinidad in the last 15 years.
The fact that the well was drilled ahead of schedule and within our
budget can be attributed to the best-in-class industry standards
that Touchstone is driving within Trinidad, both through the
introduction of new equipment, as well as additional expertise that
we have added to our technical team.
We are encouraged by the hydrocarbon indications internally
interpreted from openhole wireline logs, which show that the well
successfully intersected the Herrera Formation through the
subthrust level in one of the thickest turbidite sections observed
in any of our previous wells. Once the drilling pad is completed at
our Cascadura C location, the drilling rig will be moved off the
Royston location, and we will commence a comprehensive testing
program that is currently anticipated to begin in April. We will
update the market when results become available. "
Royston-1X Drilling
Royston-1X was drilled using Star Valley Drilling Rig #205 and
is a sidetrack from the original Royston-1 exploration well drilled
by Touchstone in 2021. Royston-1X kicked off from the Royston-1
wellbore at a depth of approximately 7,150 feet and reached total
measured depth of 11,316 feet on February 24, 2023. The sidetrack
well was designed to further explore the thick sequence of Herrera
sandstones encountered at Royston-1.
Drilling samples and openhole wireline logs indicated that the
well encountered a significant Herrera turbidite package with
aggregate estimated thickness in excess of 1,660 feet. The Herrera
turbidite section was identified at a measured depth of 9,558 feet,
approximately 330 feet structurally higher than in the original
Royston-1 well and penetrated approximately 310 feet of Herrera
section below what was observed in Royston-1. The overall Herrera
section drilled in Royston-1X contains approximately 765 net feet
of sand. The well is currently being cased, and we plan to commence
completion and testing operations in April 2023 which are
anticipated to include multiple test intervals.
The Royston-1X well was the sixth exploration well (4.8 net)
drilled under Touchstone's Ortoire Exploration and Production
Licence. The Company has an 80 percent working interest in the
licence but is responsible for 100 percent of the drilling,
completion and testing costs associated with this well. Heritage
holds the remaining 20 percent working interest.
For further information about Touchstone, please visit our
website at www.touchstoneexploration.com or contact:
Touchstone Exploration Inc.
Paul Baay, President and Chief Executive Tel: +1 (403) 750-4487
Officer
James Shipka, Chief Operating Officer
Shore Capital (Nominated Advisor
and Joint Broker)
Daniel Bush / Toby Gibbs / Iain Sexton Tel: +44 (0) 207 408 4090
Canaccord Genuity (Joint Broker)
Adam James / Gordon Hamilton Tel: +44 (0) 207 523 8000
FTI Consulting (Financial PR)
Nick Hennis / Ben Brewerton Tel: +44 (0) 203 727 1000
Email : touchstone@fticonsulting.com
Touchstone Exploration Inc.
Touchstone Exploration Inc. is a Calgary, Alberta based company
engaged in the business of acquiring interests in petroleum and
natural gas rights and the exploration, development, production and
sale of petroleum and natural gas. Touchstone is currently active
in onshore properties located in the Republic of Trinidad and
Tobago. The Company's common shares are traded on the Toronto Stock
Exchange and the AIM market of the London Stock Exchange under the
symbol "TXP".
Forward-looking Statements
Certain information provided in this announcement may constitute
forward-looking statements and information (collectively,
"forward-looking statements") within the meaning of applicable
securities laws. Such forward-looking statements include, without
limitation, forecasts, estimates, expectations and objectives for
future operations that are subject to assumptions, risks and
uncertainties, many of which are beyond the control of the Company.
Forward-looking statements are statements that are not historical
facts and are generally, but not always, identified by the words
"expects", "plans", "anticipates", "believes", "intends",
"estimates", "projects", "potential" and similar expressions, or
are events or conditions that "will", "would", "may", "could" or
"should" occur or be achieved.
Forward-looking statements in this announcement may include, but
are not limited to, statements relating to the quality and quantity
of prospective hydrocarbon accumulations based on internal
interpretations of wireline logs and the Company's capital plans
and strategies, including anticipated Royston-1X casing and
completion operations and the timing thereof. Although the Company
believes that the expectations and assumptions on which the
forward-looking statements are based are reasonable, undue reliance
should not be placed on the forward-looking statements because the
Company can give no assurance that they will prove to be correct.
Since forward-looking statements address future events and
conditions, by their very nature they involve inherent risks and
uncertainties. Actual results could differ materially from those
currently anticipated due to a number of factors and risks. Certain
of these risks are set out in more detail in the Company's 2021
Annual Information Form dated March 25, 2022 which is available
under the Company's profile on SEDAR ( www.sedar.com ) and on the
Company's website ( www.touchstoneexploration.com ). The
forward-looking statements contained in this announcement are made
as of the date hereof, and except as may be required by applicable
securities laws, the Company assumes no obligation or intent to
update publicly or revise any forward-looking statements made
herein or otherwise, whether as a result of new information, future
events or otherwise.
Competent Persons Statement
In accordance with the AIM Rules for Companies, the technical
information contained in this announcement has been reviewed and
approved by James Shipka, Chief Operating Officer of Touchstone
Exploration Inc. Mr. Shipka is a qualified person as defined in the
London Stock Exchange's Guidance Note for Mining and Oil and Gas
Companies and is a Fellow of the Geological Society of London (BGS)
as well as a member of the Canadian Society of Petroleum Geologists
and the Geological Society of Trinidad and Tobago. Mr. Shipka has a
Bachelor of Science in Geology from the University of Calgary and
has over 30 years of oil and gas exploration and development
experience.
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END
UPDEAKDAELLDEEA
(END) Dow Jones Newswires
March 02, 2023 02:00 ET (07:00 GMT)
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