Home' Trinidad and Tobago Guardian : May 22nd 2014 Contents BG8 | ENERGY
BUSINESS GUARDIAN www.guardian.co.tt MAY 2014 • WEEK FOUR
tered Touchstone Explo-
ration Inc announced Tues-
day that it will begin drilling
in Grande Ravine in June.
"A second drilling rig has
been contracted and will be
mobilised to drill the first of three wells in
Grande Ravine WD-4 in June of 2014. These
three wells will be drilled from a single surface
location to minimize costs and surface impact.
Following the Grande Ravine operations the
rig will move to Coora and then back to WD-
4 for another three well drilling program,
Touchstone said in a statement to the Toronto
Stock Exchange where it is listed.
Touchstone is currently drilling its first oper-
ated well of 2014 on Forest Reserve WD-8.
FR-1747 was spud on May 6, 2014 and will
be drilled to a depth of 3,740 feet targeting
oil reserves in the Upper, Middle, and Lower
Touchstone anticipates the well will reach
its total depth in the next two days and will
be logged and cased prior to completion. Fol-
lowing the drilling of FR-1747, Touchstone
will continue drilling operations in Forest
Reserve WD-8 before moving to the Coora
block for a planned five well drilling pro-
A third non-operated drilling rig is currently
drilling the Jacobin 1 ST exploration well on
the Cory Moruga Block, of which Touchstone
has a 16.2 per cent working interest. The
Jacobin 1 ST exploration well will be drilled
to a depth of 6,700 feet and is targeting oil
reserves in the Herrera and Lower Cipero
Touchstone plans to drill "a total of 21.3 net
wells in Trinidad by the end of 2014," the
Touchstone s field estimated average oil pro-
duction as of May 15 (2014) was 2,080 barrels
per day (100 per cent oil weighted).
"Production in Trinidad represented approx-
imately 80 per cent (1,660 barrels per day)
while Canadian operations provided approx-
imately 20 per cent (420 barrels per day) of
the company s total oil production," Touchstone
said. In 2014 the Company is forecasting a
CA$28 million capital expenditure programme
to achieve a Trinidad exit production rate
between 2,300 and 2,400 barrels per day.
Over in Canada
Over in Canada, the company has com-
menced the evaluation of its Canadian assets
located at Kerrobert, Saskatchewan and Daw-
son, Alberta. The focus of the evaluation will
be to make both properties cash flow positive,
following which long-term depletion plans
will be implemented, Touchstone said.
Both of these properties have significant oil
in place and the company will evaluate eco-
nomic methods to obtain maximum value
from the assets. No new wells are proposed
on any of the Canadian assets prior to the
end of the year.
The Kerrobert property has recently been
equipped with new down-hole pumps that
are designed to significantly increase total pro-
duced volumes. The existing facilities have
significant fluid handling capabilities that can
be utilized as total production volumes increase.
Current production from the Kerrobert facility
is approximately 300 barrels per day.
At its Dawson property, Touchstone is in
the final stages of its initial steam injection
cycle on two operated wells and will begin
production during the month of June. The
company said it will initiate a development
plan for this property based on the initial eco-
nomic results of the first production cycle.
Touchstone also announced Tuesday that
Todd Brown has been appointed chief operating
officer. Brown will be focused on increasing
the company s operational capabilities and
executing the 2014 operations schedule.
Touchstone described itself as "a Calgary-
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 T&T and western
Canada. The company s common shares are
traded on the Toronto Stock Exchange under
the symbol TXP.
Touchstone to start
drilling in Grande Ravine
Links Archive May 21st 2014 May 23rd 2014 Navigation Previous Page Next Page