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Touchstone Exploration: operational update

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Oilfield Technology,

The first eight wells of the 2018 drilling campaign are currently producing a combined October 2018 field estimated average rate of 454 bpd. The Company is currently optimising production on four of the eight wells.

Forest Reserve WD-8 Block

FR-1792 and FR-1793 continue to be optimised following their initial May 2018 completions. FR-1792 was placed on pump on October 2, 2018 and is producing at a field estimated rate of 85 bpd. The well has averaged 110 bpd and produced approximately 16 900 bbls of crude oil since being placed on production in early May. FR-1793 was placed on pump on July 26, 2018. The Company has since optimised the well, increasing the field estimated production rate from 39 bpd to 72 bpd.

The FR-1795 well was spud on August 18, 2018 and reached a total depth of 4700 ft on September 6, 2018. Wireline logs indicated the presence of approximately 229 ft of oil pay, 94 ft in the Forest formation and 135 ft in the Cruse formation. The well was completed on September 19, 2018 and is currently flowing up casing at a field estimated average rate of 36 bpd. The well is expected to be put to pump in the next ten days subject to rig availability.

Grand Ravine WD-4 Block

PS-602 was producing at a rate of 46 bpd before being optimised on August 26, 2018 through the commingling of a secondary zone. This optimisation has resulted in a stabilised current field estimated rate of 72 bpd.

Coora 2 Block

The sands of the Upper Cruse formation have not proven to be economic based on initial testing with high gas rates being observed in CO-370 and limited inflow observed in CO-371. The company has applied to move uphole to the Forest formation in both wells and will commence operations once customary regulatory approvals are obtained.

Coora 1 Block

CO-372 is currently producing on pump at a field estimated rate of 137 bpd. CO-372 has produced approximately 5500 bbls of oil since being placed on production on August 18, 2018.

CO-373 is producing on pump at a current field estimated rate 50 bpd. The well has experienced high volumes of gas, which have restricted the pumps ability to operate at full capacity. New downhole equipment is expected to be installed to accommodate the higher gas volumes.

Remaining 2018 drilling programme

The company has drilled eight wells to date and anticipates drilling the remaining six wells of its 2018 drilling budget prior to year-end.

We expect to spud the ninth well of our 2018 drilling program by mid-October on the WD-8 block. Thereafter, the rig is expected to move to a second surface location on WD-8 which is currently in the final stages of preparation. From this single surface location, the Company plans to drill two wells targeting newly identified fault blocks in the Cruse formation.

We are currently preparing a lease on our WD-4 property along with two drilling locations at South Palo Seco. The WD-4 location is a follow-up to the PS-602 location drilled earlier this year. The South Palo Seco locations are two commitment wells that are expected to be drilled to approximately 1,200 feet each.

Licence extension

The Company received an extension of its Fyzabad exploration and production licence for an additional 14 years to August 19, 2032. The licence has no minimum work commitments, and the Company has identified two infill drilling location on the property.

Ortoire Block

We have identified seven potential drilling locations on individual prospects within the exploration property along with four additional follow-up opportunities. The Company has received certificates of environmental compliance on four of the 11 locations and is proceeding with applications on the remaining prospects.

Paul Baay, President and Chief Executive Officer, commented:

“I am pleased to report that we have exceeded our near-term production target of 2000 bpd. The team has established a solid production base with our focus now on the six additional wells that we expect to drill prior to year-end. With the majority of our drilling obligations satisfied, the advantage of having our large diversified asset base allows us to focus on the assets that provide the greatest shareholder returns. We continue to refine exploration prospects on our Ortoire property and are very excited about its future developmental potential.”

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