Touchstone improves Cascadura compressor performance and starts new drilling

Touchstone ($TXP) Exploration mobilized a two-well drilling program at WD-4 in Trinidad, using a contractor operating under a turnkey-cost arrangement. At Cascadura, a solvent treatment of the 2ST1 well produced encouraging initial results. Compressor uptime improved to 73% from 57% in the preceding month, helping gross gas production increase to 12.6 million cubic feet per day from 9.7 million.

The broader picture remains mixed. A cleanout at Cascadura-3 did not resolve the underlying damage, while the Karamat completion remains a future work item. Group net production was approximately 4,392 barrels of oil equivalent per day, broadly unchanged from 4,402 in the preceding month. Better performance at individual facilities should therefore not be confused with a group-wide production increase or a new financial forecast.

Sources:

• Touchstone Exploration — operational update