Touchstone Exploration says drilling results at Cascadura-2 well represent a great start to 2024

Date/time : 2024-02-12 06:58 AM
Symbol :

TXP

Company : Touchstone Exploration Inc.
Price : 0.85
Market cap : 199,080,817
O/S : 234,212,726
Exchange :

TSX

Industry :

Oil & Gas Exploration and Production

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Touchstone Exploration says drilling results at Cascadura-2 well represent a great start to 2024

(NewsDirect)

Touchstone Exploration CEO Paul Baay shared an optimistic update about the company's recent activities, particularly highlighting the positive results from the drilling at the Cascadura-2 well and broader operational advancements.

The well, initially aimed to reach 8,300 feet, was concluded at 7,132 feet due to encountering thick gas-charged sands earlier than expected. This outcome aligns with the company's strategy and signifies the commencement of a new growth phase, leveraging the infrastructure such as facilities and pipelines they have developed over the past years.

Baay said the significance of these results lies not just in the immediate production potential but also in the confirmation of gas presence east of the original discovery, indicating an extended area for further exploration and development. This finding is pivotal for Touchstone's growth, suggesting a promising future with more wells planned for development between the newfound points and further explorations to the east and north.

In addition to the Cascadura-2 well, Baay mentioned efforts to optimize production at existing sites, including the Cascadura-1 and CO-1 blocks. These optimizations involve perforating additional sections in wells to enhance production rates, a process they are carefully managing to ensure stable and reliable data before public reporting.

This approach of cautious optimization and strategic drilling, including moving rigs to new locations for further exploration, points towards a holistic strategy aimed at maximizing resource extraction efficiently and sustainably.

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