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Trinidad: Touchstone

announces Cascadura-1ST
pressure analysis and

verification of test results

Touchstone Exploration has announced final
production test results from the Cascadura-1ST1
well on the Ortoire exploration block. The final
test results for both the lower test (6,056-6,218
feet, or 1,846-1,895 metres) and the upper test
(5,570-5,915 feet or 1,698-1,803 metres) have commented: “We are extremely pleased with the announcement dated June 3, 2020.
been reviewed by the Company’s independ- final testing data and GLJ’s independent analy- Locations have been identified for two new
ent reserves evaluator, GLJ, and the following sis of the stage one and stage two information, wells which President is planning to start drill-
information is intended to complement initial as both confirm the tremendous potential of ing within the next four months. Preliminary
production test results previously released by on the Cascadura-1ST1 discovery. The low sand- discussions are taking place with service pro-
February 6, 2020 and March 11, 2020. face drawdown, high reservoir pressure and viders to capitalise on current pricing in view
Flow and buildup test results suggest an rapid recovery suggest a sizeable reservoir with of the fact that many have significant capacity,
Absolute Open Flow (AOF) natural gas rate of excellent production potential. With minimal and there is currently virtually no new drilling
390mn cubic feet (11.04mn cubic metres) per drawdown observed while flowing and with of conventional wells taking place in the whole
day at the sandface. no boundaries seen in the analysis, the pressure of Argentina.
Final 24-hour extended flow test rate, limited data confirms that the Cascadura pool is larger The first well will be the Las Bases 1001
by capacity of surface test equipment, averaged than the area of investigation observed during development well targeting proven un-pro-
5,472 barrels of oil equivalent per day (boepd), the tests. duced attic gas in the Las Bases structure with 6
86% natural gas, at a final sandface drawdown “On this basis, we will likely require addi- bcf (169.9mn cubic metres) of total recoverable
of 4%. Pressure data suggests that the well was tional drilling and production at Cascadura to reserves; target depth is 1,700 metres and P50
still cleaning up at the end of the extended test fully understand and optimise production from well rate is 100,000 cubic metres per day (605
period. the structure. We are now working with GLJ to boepd), with a high chance of success and esti-
Condensate Gas Ratio (CGR) was 28 bar- complete an independent reserves evaluation for mated costs of $1.9mn completed.
rels of 55° API condensate per 1mn cubic feet the Cascadura feature, which we expect in July. The second well will be the Estancia Vieja
(28,320 cubic metres) of natural gas produced The evaluation will use the test data along with EVN-x1 exploration well. This will target a new
during the extended flow test. wireline logs, analogous pool data, offset pro- and so far undrilled independent structure for
Flow and buildup test results suggest an AOF duction and seismic to properly assign reserves both gas and oil to the north of the producing
natural gas rate of 92 mcf (2.605 mcm) per day to the pool. Estancia Vieja field. In the event of success, the
at the sandface. “The team remains on course to begin drill- whole of the Estancia Vieja north structure will
Final 24-hour extended flow test rate, lim- ing at our next prospect, Chinook, in July, where be opened up with an estimated 14mn barrels
ited by the capacity of surface test equipment, we are keen to explore a separate structure along of Oil in Place and 26 bcf (736.3 mcm) of Gas in
averaged 5,157 boepd, 87% natural gas, at a final the same geological trend. With several near- Place which will require up to a further six wells.
sandface drawdown of 12%. Pressure data sug- term catalysts for the Company, now is an excit- Once completed, the wells can be placed on
gests that the well was still cleaning up at the end ing time for Touchstone, and we look forward stream without delay.
of the extended test period. to updating all our stakeholders in due course.” There are no 2P reserves booked for the
CGR was 26 bbls/MMcf of 55° API conden- Touchstone Exploration, June 15 2020 Estancia North structure in the current inde-
sate during the extended flow test. pendent audited 2P Group reserves of 26.4mn
Gas analysis indicated sweet, liquids rich President Energy unveils boe calculated as at December 31, 2019.
natural gas with no hydrogen sulfide and no In addition to the above there will be follow
entrained water. drilling and workover up infill drilling and workovers in Puesto Flores,
Based on the data obtained during both tests, but for the current year the above two wells are
the Cascadura-1ST1 reservoir appears to be plans for Rio Negro the priority and consequently the permitting and
unbounded within the area of investigation, con- procurement processes have commenced with
firming a larger pool than originally anticipated. in Argentina permits expected within the next two months.
Absolute Open Flow Potential (AOFP) mod- A further announcement will be made once
elling indicates that it is reasonable to design for AIM-listed President Energy, the energy com- more definitive information regarding the wells
an initial gross production rate of 7,750-9,700 pany with a diverse portfolio of production and is available.
boepd (6,200-7,760 boepd net) based on esti- exploration assets focused primarily in Argen- Peter Levine, Chairman, commented: “We
mated gross rates of 40 50 mcf (1.13-1.42 mcm) tina, has announced an update on its Paraguay believe now is the time to plan and invest for
per day of natural gas and 1,100-1,400 boepd of asset and its drilling plans for Rio Negro in the future, particularly as we will have negligible
condensate. Argentina in the second half of the year. third-party debt at the half year end and are in a
James Shipka, Chief Operating Officer, These were briefly referred to in the Company solid position.

Week 24 18•June•2020 www. NEWSBASE .com P17