Touchstone Exploration provided the following operational update of the Corporation's activities in Trinidad and Tobago.
Following the successful completion of the previously announced acquisition (the "Primera Acquisition") from CL Financial Limited (by the Corporation's indirect wholly-owned subsidiary Territorial Services Limited) on August 19, 2011, Touchstone has integrated all of the Corporation's operations under common management and has focused on increasing base production through recompletions and well optimization. Immediately following the Primera Acquisition Touchstone's production was 945 barrels of oil per day; for the 7 days ending on October 5, 2011 the Corporation's production has averaged 1,045 barrels of oil per day - a net increase of 100 bopd (10.5%). This increase is attributed to the successful recompletion and optimization of wells throughout the Corporation's onshore assets and represents the beginning of a larger program that will continue through 2011 and 2012.
On September 27th, 2011 Touchstone spudded its first Offshore Exploration well in Trinidad. Operated by Sinopec International Petroleum Corporation's subsidiary SOOGL Antilles (Trinidad) Ltd., the well is being drilled in the East Brighton Sub-Area B using the Rowan Gorilla III jackup drilling rig. SOOGL East Brighton SE-1 is currently drilling ahead with a planned total depth of approximately 7,000 feet. Targeting light oil in the Nariva Formation the well has an anticipated drilling and completion time of 62 days. Touchstone has a 24.5% Working Interest in the well and the Corporation will be carried for all well costs through abandonment or testing.
Touchstone has received its Certificate of Environmental Clearance (CEC) for the Corporation's upcoming development drilling program in the WD-8 Block in the Forest Reserve Area near Fyzabad in Southwestern Trinidad. Touchstone will begin lease preparation as soon as possible and plans on spudding the first of seven (7) development wells in WD-8 in the first week of November. This development drilling program is targeting light sweet oil in the Lower and Middle Cruse formation at a depth of approximately 3,500 feet and is a follow up to the Corporation's successful "proof of concept" drilling and recompletion program completed in 2010. Touchstone plans on drilling the first four (4) of these wells in 2011 and the remaining three (3) wells in the first quarter of 2012.
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