Calgary, Alberta-based Touchstone Exploration Inc. said that its Central Block asset in Trinidad and Tobago had gross production volumes averaging 2,969 barrels of oil equivalent per day (boepd), or 1,930 boepd net, in the first quarter,
The production consisted of approximately 16.74 million cubic feet per day (MMcfpd) of natural gas and 179 barrels per day (bpd) of natural gas liquids (NGLs), Touchstone said in a news release.
The entity, acquired from Shell Trinidad Central Block Limited approximately $28.4 million and now renamed Touchstone Trinidad Central Block Ltd., holds a 65 percent operating interest in the onshore Central Block exploration and production license onshore in the Republic of Trinidad and Tobago. Heritage Petroleum Company Limited holds the remaining 35 percent participating interest.
The Central Block asset includes four producing natural gas wells and a gas processing facility, according to the release.
Based on preliminary field estimates, second-quarter gross production averaged 3,023 boepd, or 1,965 boepd net, consisting of approximately 17.05 MMcfpd of natural gas and 181 bpd of NGLs, the company said.
Touchstone said that natural gas from the Central Block is sold under two separate contracts: one linked to liquefied natural gas (LNG) export pricing and the other to domestic market pricing, primarily for supplying Trinidad’s petrochemical sector. LNG sales are subject to vessel availability, which the company referred to as liftings.
From January through April, 11 LNG liftings, including the associated liquids, were completed, totalling around 2.2 million British Thermal Units (MMBtu). An additional 11,065 MMBtu was sold into the domestic market, the company stated.
Further, Touchstone said it completed site surveys for two additional well pads, each capable of supporting up to four drilling locations. The company said it is currently awaiting government construction approvals.
Touchstone President and CEO Paul Baay, said, “We are pleased to provide our first operational update on the Central Block following the successful completion of the acquisition. Since the completion, we have delivered quarter-over-quarter production growth through continued plant optimization – an excellent achievement by our Central Block team”.
“This update also highlights the strategic advantage of integrating LNG-based pricing into our marketing portfolio. With commercial documentation complete and the first LNG payment expected by the end of July, we are positioned to benefit from predictable cash flows under the export contract. The Central Block’s strong performance supports our acquisition rationale and enhances our marketing flexibility, diversifying revenue streams across LNG, petrochemical, and fixed-price gas sales,” Baay added.
Cascadura-5 Well Drilling
Earlier in the month, Touchstone said it spud the Cascadura-5 (Cas-5) development well, located on the Ortoire block in the country.
The Cas-5 well was drilled to a total depth of 7,020 feet over 22 days. Following open-hole logging operations, the well was cased for future production, the company said in a separate statement.
The primary target of the Cas-5 well was the Herrera Gr7bc sands, which are prevalent in the Cascadura structure, Touchstone said.
“Wireline logging, mud logging, and drill cuttings data collectively suggest that hydrocarbon-bearing sands are present throughout the primary Gr7bc interval,” the company said.
Touchstone said that when funding is available, it expects to mobilize the drilling rig to complete operations at the nearby Cascadura-4 well (“Cas-4”), which is currently cased to a depth of 3,200 feet. Cas-4 is also targeting the Herrera sands, with a planned total depth of approximately 6,500 feet.
Upon drilling Cas-4, the company said it intends to complete and tie-in Cas-4 and Cas-5 into the Cascadura natural gas facility, as all required tie-in equipment is currently on location.
Touchstone has an 80 percent operating working interest in the well, with Heritage Petroleum holding the remaining 20 percent.
Touchstone Exploration describes itself as a 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. The company is active in offshore properties located in the Republic of Trinidad and Tobago.
To contact the author, email rocky.teodoro@rigzone.com
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