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Touchstone Announces Spudding of the Coho-1 Exploration Well and Operational Update
Touchstone Announces Spudding of the Coho-1 Exploration Well and Operational Update ...
About this update from Touchstone Exploration Inc
[{"type":"text","content":"\n\n\n\nTouchstone Announces Spudding of the Coho-1 Exploration Well and Operational Update\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, Aug. 8, 2019\n\n\n\nCALGARY, Aug. 8, 2019 /CNW/ - Touchstone Exploration Inc. (\"Touchstone\" or the \"Company\") (TSX / LSE: TXP) announces that drilling operations have commenced with the spudding of the first exploration well on the Ortoire block. The Company also provides an operational update.\n\n \n \n\n \nHighlights\nSpudded Coho-1, the Company's first exploratory well on its Ortoire property, on August 7, 2019. Achieved crude oil sales of 1,768 barrels per day (\"bbls/d\") and 1,944 bbls/d for the three and six months ended June 30, 2019, respectively, representing increases of 3% and 19% relative to the prior year comparative periods.Delivered an average of approximately 1,829 bbls/d of field estimated crude oil production through the first six days of August 2019.Received regulatory approval to reinject produced water from four of our producing properties.Drilling Operations\nTouchstone spudded the Coho-1 exploration well on the Ortoire exploration block on August 7, 2019 using Well Services rig #80. The Coho-1 well is targeting gas prospects in the Herrera formation at depths between 5,200 and 8,500 feet. The well offsets the Corosan-1 well drilled by Vintage Petroleum Inc. in 2001. Touchstone's Coho-1 well is targeting the same zones tested in the Corosan-1 well in an up-dip location and the well is also expected to penetrate a second and previously untested thrust sheet that the Company deems prospective based on 3D seismic and offset production records. The Coho-1 well is expected to be drilled to a total measured depth of 8,545 feet at an estimated cost of approximately US$3 million. Drilling is anticipated to take approximately 28 days and the Company will make a further announcement once the well is drilled and logged. Following rig release, we will utilize a smaller service rig to test the well. Testing is anticipated to take up to 30 days as a full flow and build-up is planned to be...