Trinidad-based Touchstone Exploration is celebrating success with its Cascadura project, evident from the company’s third-quarter results released on November 14. The impact of Cascadura’s initial output on both production profile and operating cash flows has been substantial, as highlighted by Paul Baay, the President and Chief Executive Officer.
Baay expressed optimism about the influence of Cascadura’s early production on operational and financial aspects, foreseeing substantial enhancements in both areas.
Touchstone achieved a milestone by initiating production from the Cascadura-1ST1 well on September 6, 2023, followed shortly by the Cascadura Deep-1 well on September 14, 2023. The company witnessed an increase in quarterly average volumes, soaring to 3,391 barrels of oil equivalent per day (boed) in the third quarter of 2023—a staggering 167% jump from the same period in 2022 when it stood at 1,272 boed.
The Cascadura field made a substantial contribution, accounting for 7,234 boed out of the total 8,917 boed in October 2023. However, Touchstone said production from Cascadura wells is currently restricted due to ongoing final facility commissioning, although an increase in production volume is anticipated with the operational readiness of the recycle compressor.
Touchstone Exploration quickly hits target production rate at Cascadura | OilNOW
Touchstone is strategically planning for future advancements, scheduling the Coho-1 well workover by late November 2023 to isolate water production from the lower perforations. Additionally, preparations for future development drilling at the Cascadura and CO-1 fields are actively underway.
Baay added: “While we are encouraged with our initial output levels, we are focused on optimizing production across our portfolio including Cascadura, Coho, and our legacy oil properties.
“These operations are anticipated to be completed by the end of the year and will provide Touchstone with a strong platform upon which to continue our growth in 2024.
“Along with our significant production gains, we continue to work to expand our land footprint and look forward to commencing our development drilling program on both the Ortoire block and our legacy acreage.”
