Touchstone Energy today reported a successful start to its exploration campaign.
The Canadian energy company, which is focused on production in the Republic of Trinidad and Tobago,completed the drilling of two wells on the Coora 1 Block encountering a combined net oil pay of approximately 665 feet.
The two wells were completed on time and within budget, exceeding expectations with regards to oil potential.
Chief operating officer James Shipka said: “We are pleased to announce that the first two wells of our 2017 drilling program have been drilled on time and within budget. Our drilling program is fundamental to our growth strategy and these results have met or exceeded our expectations with respect to oil potential. I look forward to bringing these wells on production and continuing to move forward with our drilling campaign in Grand Ravine WD-4.”
The drilling rig is currently being moved to the third planned location of the program in Grand Ravine WD-4. Two wells will be drilled on the block from a common surface location, targeting prospective resources in separate fault blocks.
The Company also performed two recompletions over the past month, perforating the CO-13 well in the Coora 2 Block, and the FR-564 well at Forest Reserve WD-8. The CO-13 well has been on production for 30 days at an average estimate field production rate of 18 barrels of oil per day while the FR-564 well has only two days of production following the recompletion. The Company’s next recompletion, the QU-302 well on the Coora 1 block will be perforated this week and the Company remains on track to perform 24 recompletions in 2017
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