TOUCHSTONE PROVIDES UPDATE ON THE FIRST TWO WELLS OF 2017 DRILLING PROGRAM AND 2017 RECOMPLETION PROGRAM
Calgary, Alberta - June 6, 2017 - Touchstone Exploration Inc. ("Touchstone" or the "Company") (TSX: TXP) is pleased to provide the following operational update with respect to the Company's 2017 drilling campaign and recompletion program.
· Completed the drilling of two wells on the Coora 1 Block encountering a combined net oil pay of approximately 665 feet.
· The two wells were completed on time and within budget, exceeding expectations with regards to oil potential.
· The successful drilling results are in line with the growth strategy and drilling program that the Company outlined in its Pre-Admission Document presented in conjunction with its recent Intention to Float on the AIM market of the London Stock Exchange.
Coora 1 Block
The CO-368 well was spud on May 12, 2017 and was drilled to a total depth of 5,360 feet on May 21, 2017. Wireline logs indicate approximately 345 feet of net oil pay as follows:
Upper Forest Formation 55 feet
Lower Forest Formation 95 feet
Cruse Formation 195 feet
Total (Net) Oil Pay 345 feet
The Company cased the well for oil production and has deferred the completion of the well until after the second well in the program, the CO-369 well, was drilled as the two wells share a common surface location. The initial completion in the CO-368 well will target lowermost oil sand encountered in the Cruse Formation.
The CO-369 well was spud on May 25, 2017 and reached a total depth of 5,627 feet on June 3, 2017. The CO-369 well was drilled to access hydrocarbons in a separate, but adjoining fault block to the CO-368 well. Wireline logs indicate the presence of approximately 320 feet of net oil pay and the Company has cased the well and expects to complete the well for oil production in the next 30 days. Wireline logs indicate the presence of oil pay in both the Forest and Cruse Formations, as follows:
Upper Forest Formation 60 feet
Lower Forest Formation 110 feet
Cruse Formation 150 feet
Total (Net) Oil Pay 320 feet
The Company will commence completion operations on the CO-368 well as soon as possible and will complete the Cruse sands in the CO-369 well immediately thereafter.
Grand Ravine WD-4
The drilling rig is currently being moved to the third planned location of the program in Grand Ravine WD-4. Two wells will be drilled on the block from a common surface location, targeting prospective resources in separate fault blocks.
The Company also performed two recompletions over the past month, perforating the CO-13 well in the Coora 2 Block, and the FR-564 well at Forest Reserve WD-8. The CO-13 well has been on production for 30 days at an average estimate field production rate of 18 barrels of oil per day while the FR-564 well has only two days of production following the recompletion. The Company's next recompletion, the QU-302 well on the Coora 1 block will be perforated this week and the Company remains on track to perform 24 recompletions in 2017.
James Shipka, Chief Operating Officer said:
"We are pleased to announce that the first two wells of our 2017 drilling program have been drilled on time and within budget. Our drilling program is fundamental to our growth strategy and these results have met or exceeded our expectations with respect to oil potential. I look forward to bringing these wells on production and continuing to move forward with our drilling campaign in Grand Ravine WD-4."
Mr. Paul Baay, President and Chief Executive Officer; or
Mr. James Shipka, Chief Operating Officer
Touchstone Exploration Inc. is 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 Republic of Trinidad and Tobago. The Company's common shares are traded on the Toronto Stock Exchange under the symbol "TXP".
Forward-Looking Statements: Certain information provided in this press release may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking information in this press release may include, but is not limited to, statements relating to the potential undertaking and timing of 2017 well drilling, completions and recompletions as well as the quality and quantity of prospective hydrocarbon accumulations as indicated by wireline logs. 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 Annual Information Form dated March 21, 2017 which has been filed on SEDAR and can be accessed at www.sedar.com. The forward-looking statements contained in this press release 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.
This information is provided by RNS