Trinidad’s Touchstone Exploration said its average production for the first quarter of 2023 more than doubled compared to the same period last year.
In its announcement, Touchstone said it produced 2,139 oil-equivalent barrels per day (bpd), representing a 53% hike from the 1,396 oil equivalent bpd in 2022.
It was however a 4% decrease from its fourth-quarter production.
Touchstone said natural gas at its Coho-1 well averaged net volumes of 5.1 million cubic feet per day (MMcf/d) – (854 oil-equivalent bpd) in the quarter. This contributed US$976,000 of net natural gas sales at an average realized price of $2.12/Mcf.
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Its realised petroleum and natural gas sales for the quarter dropped to US$8.4 million from US$10.4 million in the 2022 comparative quarter.
Giving a project update, Touchstone said construction operations of the natural gas and liquids facility on the Cascadura A surface location have progressed. They further mentioned that the target completion and commissioning date for first production at Cascadura is around June 30, 2023.
On the other hand, construction of the Cascadura C surface location is complete, which will be the location of its first Cascadura development well.
Touchstone said the second production test of the Royston-1X well is expected to commence in late May 2023 once the service rig has moved onto the lease following the drilling rig being moved to the Cascadura C location.
The first test confirmed the presence of light crude oil at non-commercial rates. Five potential production tests will evaluate the lowest sub-thrust sheet of the Herrera formation at depths between 11,102-11,168 ft.
