Touchstone Exploration share price: what next after oil discovery sees stock hit record high?
The Canadian-based oil and gas company announced it has made a significant crude oil discovery in the Republic of Trinidad and Tobago on Monday, sending its share price soaring this week.
Touchstone Exploration saw its shares go up 60% on Monday after announcing that it has made a significant crude oil discovery at its Cascadura well based in the Republic of Trinidad and Tobago.
‘The well results far exceed any pre-drill expectations,’ Touchstone Exploration President and CEO Paul Baay said. ‘This well is not only a significant discovery and milestone for Touchstone, but we believe it also establishes a new development stage for onshore drilling in Trinidad.’
Touchstone Exploration is trading at 21p a share as of 11:00 GMT on Tuesday.
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Highlights from Cascadura discovery
The Cascadura-1ST1 well encountered what Touchstone Exploration called a ‘significant prospective oil pay’ totalling 1,037 feet gross.
Highlight results included 80 feet of net oil pay in the regional Lower Cruse sands, a further 180 feet net in the Upper Herrera, 600 feet net in the Middle Herrera and 177 feet net in the Lower Herrera.
The company expects to complete and finish testing the well in Q1 2020.
‘In the new year, we expect to test each zone independently in order to better understand the economic potential of the prospective oil sands, and if the findings are positive, it will set up an expansive development drilling program in the area,’ Baay added.
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