Calgary, Alberta-based Touchstone Exploration Inc. stated that its Central Block asset in Trinidad and Tobago had gross manufacturing volumes averaging 2,969 barrels of oil equal per day (boepd), or 1,930 boepd web, within the first quarter,
The manufacturing consisted of roughly 16.74 million cubic ft per day (MMcfpd) of pure fuel and 179 barrels per day (bpd) of pure fuel liquids (NGLs), Touchstone stated in a information launch.
The entity, acquired from Shell Trinidad Central Block Restricted roughly $28.4 million and now renamed Touchstone Trinidad Central Block Ltd., holds a 65 p.c working curiosity within the onshore Central Block exploration and manufacturing license onshore within the Republic of Trinidad and Tobago. Heritage Petroleum Firm Restricted holds the remaining 35 p.c taking part curiosity.
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The Central Block asset consists of 4 producing pure fuel wells and a fuel processing facility, in line with the discharge.
Primarily based on preliminary discipline estimates, second-quarter gross manufacturing averaged 3,023 boepd, or 1,965 boepd web, consisting of roughly 17.05 MMcfpd of pure fuel and 181 bpd of NGLs, the corporate stated.
Touchstone stated that pure fuel from the Central Block is bought below two separate contracts: one linked to liquefied pure fuel (LNG) export pricing and the opposite to home market pricing, primarily for supplying Trinidad’s petrochemical sector. LNG gross sales are topic to vessel availability, which the corporate known as liftings.
From January by April, 11 LNG liftings, together with the related liquids, have been accomplished, totalling round 2.2 million British Thermal Items (MMBtu). A further 11,065 MMBtu was bought into the home market, the corporate said.
Additional, Touchstone stated it accomplished website surveys for 2 further effectively pads, every able to supporting as much as 4 drilling areas. The corporate stated it’s at present awaiting authorities building approvals.
Touchstone President and CEO Paul Baay, stated, “We’re happy to supply our first operational replace on the Central Block following the profitable completion of the acquisition. Because the completion, now we have delivered quarter-over-quarter manufacturing development by continued plant optimization – a superb achievement by our Central Block workforce”.
“This replace additionally highlights the strategic benefit of integrating LNG-based pricing into our advertising portfolio. With industrial documentation full and the primary LNG fee anticipated by the tip of July, we’re positioned to learn from predictable money flows below the export contract. The Central Block’s robust efficiency helps our acquisition rationale and enhances our advertising flexibility, diversifying income streams throughout LNG, petrochemical, and fixed-price fuel gross sales,” Baay added.
Cascadura-5 Properly Drilling
Earlier within the month, Touchstone stated it spud the Cascadura-5 (Cas-5) growth effectively, positioned on the Ortoire block within the nation.
The Cas-5 effectively was drilled to a complete depth of seven,020 ft over 22 days. Following open-hole logging operations, the effectively was cased for future manufacturing, the corporate stated in a separate assertion.
The first goal of the Cas-5 effectively was the Herrera Gr7bc sands, that are prevalent within the Cascadura construction, Touchstone stated.
“Wireline logging, mud logging, and drill cuttings information collectively recommend that hydrocarbon-bearing sands are current all through the first Gr7bc interval,” the corporate stated.
Touchstone stated that when funding is obtainable, it expects to mobilize the drilling rig to finish operations on the close by Cascadura-4 effectively (“Cas-4”), which is at present cased to a depth of three,200 ft. Cas-4 can also be concentrating on the Herrera sands, with a deliberate whole depth of roughly 6,500 ft.
Upon drilling Cas-4, the corporate stated it intends to finish and tie-in Cas-4 and Cas-5 into the Cascadura pure fuel facility, as all required tie-in tools is at present on location.
Touchstone has an 80 p.c working working curiosity within the effectively, with Heritage Petroleum holding the remaining 20 p.c.
Touchstone Exploration describes itself as an organization engaged within the enterprise of buying pursuits in petroleum and pure fuel rights and the exploration, growth, manufacturing and sale of petroleum and pure fuel. The corporate is lively in offshore properties positioned within the Republic of Trinidad and Tobago.
To contact the writer, electronic mail rocky.teodoro@rigzone.com
