Touchstone Exploration Inc’s Cascadura project has been confirmed as a significant discovery according to a new independent reserves report.
Consultant GLJ Ltd has estimated Cascadura holds between 241.2 and 571.5 billion standard cubic feet of natural gas in place, with the “best” estimate pitched at 398.5bn.
Paul Baay, Touchstone chief executive said in a statement, “We are delighted to report that the independent reserves report verifies the material size of the reserves yet to be produced in the Cascadura structure and provides the groundwork for a multi-year future onshore development programme in Trinidad.”
“Through the excellent work of the Touchstone team in the drilling of our first two exploration wells, we have successfully proven up the hydrocarbon bearing turbidite model in Ortoire. This model will be further evaluated by our next two exploration targets at Chinook and Cascadura deep, with drilling at Chinook on track to commence within the next few weeks,” Baay stated.
He said Touchstone could not have envisioned a better start from the first two wells of its Ortoire exploration program, and looks forward to updating the market and its Trinidad stakeholders as the company progress with its Ortoire exploration and development activities in the coming months.
When converted to barrels of oil equivalent (boe) GLJ projects that the gas and liquids to be 73,190 million (boe) in the 3P (proved, probable, possible) category, with 2P (proved and probable) reserves set at 45,030 million boe and 23.62 boe proved reserves.
The reserves are valued by GLJ in a range between US$802.9 million and US$287.7 million, with 2P reserves valued at US$519.2 million.
Moreover, the consultant estimates net peak production of 22,600 boe per day in the upside, 3P, case with the volume estimated at 15,108 boepd based on the 2P number.
“GLJ’s independent evaluation of the Cascadura-1ST1 production test results and the subsequent reserves evaluation of the Cascadura Assessment Area confirms the tremendous potential of the Ortoire exploration block,” James Shipka, Touchstone’s chief operating officer said.
He added the team is currently working hard to design the facilities and infrastructure required to bring the Cascadura gas and liquids to market as quickly as possible, and with GLJ estimating there is in excess of 500 Bcf of discovered natural gas in place in the Cascadura area.
“It is evident that we have a clear pathway to a multi-year development programme,”Shipka added
Touchstone Exploration Inc. is a Canadian-based, international upstream oil and gas company currently active in T&T.
It is one of the largest independent onshore oil producers in Trinidad.