Touchstone Exploration Inc finds light oil at Chinook-1 on Ortoire block
“This light oil discovery on the Ortoire property provides another level of opportunity for the company and is in line with our original Chinook exploration model which indicated the target was oil charged,” said chief executive Paul Baay
(LON:TXP, ) provided an update on exploration at the Ortoire block, onshore Trinidad and Tobago.
It completed and tested the third interval at Chinook-1 encountering 35-degree API gravity crude oil – a light crude – and said further evaluation is required to determine commerciality. Chinook-1 will be placed on pump for an extended production test to evaluate the reservoir and guide future development.
All three Herrera thrust sheets in Chinook-1 encountered light oil indicating the structure is predominantly oil charged.
“This light oil discovery on the Ortoire property provides another level of opportunity for the company and is in line with our original Chinook exploration model which indicated the target was oil charged,” said Paul Baay, president and chief executive of Touchstone.
Touchstone has an 80% working interest and is operator of the Ortoire block, while Heritage Petroleum Company Ltd has a 20% interest.
“Further testing at Chinook will continue as necessary to evaluate the well and determine the best path forward while construction at Royston continues to move towards a spud date in the middle of the second quarter, ” said Touchstone’s chief operating officer James Shipka.
“In the near term, we remain focused on our gas test at Cascadura Deep and bringing our first two wells, Coho-1 and Cascadura-1ST1, onto production,” he said.
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