CALGARY, ALBERTA (December 19, 2019) - Touchstone Exploration Inc. ("Touchstone", "we", "our", "us" or the "Company") (TSX, LSE: TXP) is pleased to announce the final production test results for the Coho-1 well on the Ortoire exploration block, onshore in the Republic of Trinidad and Tobago (Touchstone 80% working interest operator, Heritage Petroleum Company Limited 20% working interest). The final test results have been reviewed by the Company's independent reserves and resources evaluator, GLJ Petroleum Consultants Ltd. ("GLJ"), and the following information is intended to complement initial test results previously released by the Company on November 18, 2019.
Highlights
· Flow and build-up test results suggest an Absolute Open Flow ("AOF") rate of 46.0 million cubic feet per day ("MMCFD")(approximately 7,671 barrels of oil equivalent per day ("boe/d")).
· Modelling supports initial production rates of 10 to 12 MMCFD per day (1,667 to 2,000 boe/d) gross, 8.0 to 9.6 MMCFD (1,333 to 1,600 boe/d) net.
· Gas analysis indicated pure, sweet, dry gas with 98.7% methane, no hydrogen sulfide and negligible associated liquids.
· No physical subsurface boundaries were observed during the test period
· Final 24-hour extended flow test rate was confirmed at 11.6 MMCFD (1,925 boe/d) at an average sandface drawdown of only 8.8%.
James Shipka, Chief Operating Officer, commented:
"Final testing of the Coho-1 exploration well displayed natural gas rates that greatly exceeded the Company's expectations and is expected to materially contribute to our near-term growth. With production testing and analysis completed and verified independently, the Company has a clear indication of the potential of Coho-1 and is moving forward to bring the well on stream in the first half of 2020."