TIDMTXP
RNS Number : 8460M
Touchstone Exploration Inc.
24 September 2021
TOUCHSTONE ANNOUNCES ROYSTON-1 DRILLING RESULTS
CALGARY, ALBERTA (September 24, 2021) - Touchstone Exploration
Inc. ("Touchstone", "we", "our", "us" or the "Company") (TSX, LSE:
TXP) reports that the Company has completed drilling the Royston-1
exploration well and is pleased to announce that the well
encountered substantial hydrocarbon accumulations based on drilling
and wireline log data. 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-1 was drilled to a total depth of 10,700 feet and is
the deepest exploration well drilled by Touchstone to date.
-- Mud logging and wireline logs indicate hydrocarbon
accumulations in the Lower Cruse, Karamat and Herrera sections.
-- The well encountered a total Herrera turbidite thickness of
1,014 feet (609 feet net sand) in two stacked thrust sheets.
-- An aggregate 393 gross feet of hydrocarbon pay was identified
in two unique thrust sheets in the Herrera sands from 9,700 feet to
total depth, with wireline logs indicating that the well was in
hydrocarbon pay at total depth.
-- The well is currently being cased and prepared for production
testing of the Herrera Formation.
Paul Baay, President and Chief Executive Officer, commented:
" The Royston-1 well was the fifth and final well of the first
phase of our exploration drilling program on the Ortoire block,
with logging data indicating better than expected results. The
amount of identified hydrocarbon pay further verifies the
opportunity in the block for our future phase two exploration
program. Prior to drilling, we targeted 200 feet of gross sand pay,
with results almost doubling our expectations. The team has
commenced planning production testing operations in the Herrera
Formation using the same equipment that verified the Cascadura
discovery. I would also like to commend the team for drilling the
well safely and in adherence to all health protocols. With the
assistance of the new seismic and upcoming production testing data,
we anticipate this to be the largest geological structure
identified on the block in the Herrera Formation. "
The Royston-1 exploration well was spud on August 12, 2021 using
Well Services Petroleum Ltd. Rig #60. The well was designed to
explore the potential of a thick sequence of Herrera sandstones
contained in an overthrust sheet which was observed in the
offsetting OL-4 well drilled by Shell Trinidad Limited in 1965 .
The primary targets of the Royston-1 well were the Gr7a and Gr7bc
Herrera sands in an upper thrust sheet at an approximate measured
depth of 9,700 feet. The Royston-1 well was designed to penetrate
the Herrera section that was observed but not tested in OL-4 at a
structurally optimized position based on legacy and new seismic
data and was drilled approximately 300 feet deeper to investigate a
lower thrust sheet identified by Touchstone's subsurface team.
Drilling samples and open hole wireline logs indicate that the
well encountered a significant Herrera turbidite package with a
total observed thickness of more than 1,000 feet. The overall
Herrera section drilled in Royston-1 contains approximately 609
feet of clean sand, of which 393 gross feet in two unique thrust
sheets appear to be hydrocarbon pay based on mud gas logging and
open hole logs. Approximately 30 feet of hydrocarbon pay was
detected in the shallow Lower Cruse Formation, and 30 feet of pay
was noted in the Karamat Gr7a sands. Based on wireline logs, the
Royston-1 well was hydrocarbon charged at the well's total depth of
10,700 feet.
James Shipka, Chief Operating Officer, commented:
"The Royston-1 well has delivered on all accounts, confirming
that the world-class Ortoire Herrera Fairway is well developed
through the Royston structure, and most importantly, verifying the
presence of hydrocarbons within these targeted Herrera Formation
sands. The Royston structure was reimaged by our recent 2D seismic
survey revealing a SW-NE trending anticline measuring nearly 7.2
kilometres in length and 1.8 kilometres in width. The 393 feet of
identified hydrocarbon pay exceeded our objective, and while we
believe the discovery to be natural gas, we will wait for testing
results to confirm. The testing results will also provide us with
deliverability capability as the porosity measured at Royston-1 is
lower than Cascadura but similar to data seen at other offsetting
producing wells. The noteworthy hydrocarbon accumulations in the
lower Karamat sands give us additional insights into the geological
deposition and hydrocarbon migration in the Ortoire area and are
encouraging for our future second exploration phase. We anticipate
commencing production testing in late October and providing full
results when available. "
The Royston-1 well was the final exploration commitment 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 the initial five exploration wells. Heritage
holds the remaining 20 percent working interest. Touchstone had no
reserves booked for the Royston-1 well in the Company's December
31, 2020 independent reserves report. Further testing is required
to determine the economic viability and potential of the well, and
the Company plans to commence completion and production testing
operations in October 2021.
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 " .
For further information about Touchstone, please visit our
website at www.touchstoneexploration.com or contact:
Touchstone Exploration Inc.
Mr. Paul Baay, President and Chief Executive Officer Tel: +1
(403) 750-4487
Mr. James Shipka, Chief Operating Officer
Shore Capital (Nominated Advisor and Joint Broker)
Nominated Advisor: Edward Mansfield / Daniel Bush / Michael McGloin Tel: +44 (0) 207 408 4090
Corporate Broking: Jerry Keen
Canaccord Genuity (Joint Broker)
Adam James / Henry Fitzgerald O'Connor / Thomas Diehl Tel: +44
(0) 207 523 8000
Camarco (Financial PR)
Nick Hennis / Billy Clegg Tel: +44 (0) 203 781 8330
Advisories
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
is 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 exploration
plans and strategies, including future development and exploration
plans and anticipated production testing 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 2020 Annual Information
Form dated March 25, 2021 which has been filed on SEDAR and can be
accessed at www.sedar.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 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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