TXP:CC - Touchstone Exploration says drilling results at Cascadura-2 well represent a great start to 2024
(NewsDirect)
Touchstone Exploration CEO Paul Baayshared an optimistic update about the company's recent activities,particularly highlighting the positive results from the drilling atthe Cascadura-2 well and broader operational advancements.
The well, initially aimed to reach 8,300feet, was concluded at 7,132 feet due to encountering thickgas-charged sands earlier than expected. This outcome aligns with thecompany's strategy and signifies the commencement of a new growthphase, leveraging the infrastructure such as facilities and pipelinesthey have developed over the past years.
Baay said the significance of these results lies not just in theimmediate production potential but also in the confirmation of gaspresence east of the original discovery, indicating an extended areafor further exploration and development. This finding is pivotal forTouchstone's growth, suggesting a promising future with more wellsplanned for development between the newfound points and furtherexplorations to the east and north.
In addition to the Cascadura-2 well, Baay mentioned efforts tooptimize production at existing sites, including the Cascadura-1 andCO-1 blocks. These optimizations involve perforating additionalsections in wells to enhance production rates, a process they arecarefully managing to ensure stable and reliable data before publicreporting.
This approach of cautiousoptimization and strategic drilling, including moving rigs to newlocations for further exploration, points towards a holistic strategyaimed at maximizing resource extraction efficiently andsustainably.
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