TXP:CC - Touchstone Exploration moving into new drill to fill phase
(NewsDirect)
Touchstone Exploration Inc (AIM:TXP,TSX:TXP, OTC:PBEGF) CEO Paul Baay speaks to Thomas Warner fromProactive after the Trinidad and Tobago-focused energy exploration anddevelopment company announced the start of production at the Cascadurafield in Trinidad.
Baay says thatthe development marks a major production leap, with an increase from2,000 to over 10,000 barrels oil equivalent per day (boepd)anticipated in the coming weeks. The news positions Touchstone as theleading onshore independent producer in Trinidad.
He explains that the added cash flow isset to fully support future drilling endeavours. While Baayacknowledges that the Cascadura Project has experienced some delays,he emphasises the transformative impact it will have.
Baay addresses recent drilling at the theRoyston-1X well which encountered light oil but requires furthertesting for economic viability.
Thecompany is transitioning from exploration to a development phase,focusing on maximising opportunities in oil and gas and expanding itsacreage position through government partnerships.
He says thatwith all the capacity ready to use, "what [Touchstone] reallyneeds to do is to drill to fill [it]."
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