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Touchstone Exploration - operational and drilling update

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Oilfield Technology,


Highlights

  • Achieved January and February 2018 crude oil sales of 1521 and 1552 bpd, respectively.
    • Realised average prices of US$61.17/bbl and US$57.79/bbl for January and February crude oil volumes, respectively.
    • Production from the four wells drilled in 2017 remained strong, contributing an average of 280 bpd to January and February 2018 production.
    • Current field estimated production is approximately 1705 bpd (based on the previous seven-day average).
    • Current field estimated production from the four wells drilled in 2017 is approximately 400 bpd (based on the previous seven-day average).
  • Drilled, cased, and completed the first well of the 2018 drilling campaign, which is currently on initial production and pumping at a field estimated controlled rate of 56 bpd.

Production

Coora 1 Block

The CO-368 well has been producing for 271 days from 41 ft of net oil sand in the Cruse formation. The well has produced approximately 14 010 bbls of oil, representing an average of 52 bpd. The well remains on pump with a current field estimated production rate of approximately 41 bpd.

CO-369 is producing from 71 ft of net oil sands in the Cruse formation with an average oil production rate of 188 bpd over its first 262 days. The well is currently pumping, and current field estimated production is 196 bpd.

Grand Ravine WD-4 Block

The lowermost zone of the PS-598 well was abandoned, and the primary Upper Forest formation zone of interest was completed on February 10, 2018. Approximately 150 ft of net oil sands were perforated, and the well is currently pumping at a field estimated rate of 96 bpd. The well has produced approximately 6200 bbls of oil since its initial completion in July 2017, including 2660 bbls produced in the 29 days since being recompleted.

PS-599 was recompleted on February 24, 2018. The lowermost zone in the well was suspended, and the primary Forest formation zone of interest was completed. A total of 38 feet of net oil sands were perforated, and the well is currently pumping at a field estimated average of 69 bpd. The well has produced approximately 7110 bbls of oil during since its initial completion in July 2017.

Paul Baay, President and Chief Executive Officer, commented:

“The team has now optimized the wells in the 2017 programme, and we believe this should provide shareholders with a good indication of the potential for our asset base. Production results of the four wells drilled throughout 2017 have been very encouraging, and we expect the current levels to continue to increase throughout the year. We have a very repeatable platform from which to build out our existing drilling campaign as we move closer to our 2000 bpd sustainable rate.

2018 Drilling Campaign

The PS-602 well on the Company’s WD-4 property was spud on February 3, 2018 and was drilled to a total depth of 5383 ft. The rig was released on February 14, 2018, and the well was cased for oil production. Wireline logs indicated approximately 270 ft of net oil pay as follows:

  • Upper Forest formation: 108 ft
  • Lower Forest formation: 162 ft
  • Total (net) oil pay: 270 ft

The well was completed on February 27, 2018 perforating the lowermost 80 ft of oil sands encountered in the Lower Forest formation. The well was placed on pump on March 1, 2018 and is currently producing at a controlled rate of 56 bpd. The company will continue to optimise production from this well.

The initial well on the Forest Reserve WD-8 block will spud in the next 48 hours following a delay of approximately three weeks related to the mobilisation, inspection and certification of the drilling rig. The company expects to drill the well to a total depth of 4700 ft to target the Lower Cruse formation. Following the completion of this well, the drilling rig is expected to move to a second location on the WD-8 block.

Following completion of surface lease construction, the first of two planned wells on the Coora 2 block is scheduled to spud in the third week of March utilising a second drilling rig. The company is targeting to drill the well to a total depth of 3800 ft. Immediately following this well, the rig is expected to drill a second well from the same surface location targeting oil reserves in an offsetting fault block.

James Shipka, Chief Operating Officer, said:

“The opportunity to secure a second drilling rig is significant news as it will allow us to accelerate our 2018 drilling programme and subsequently should enable us to increase production earlier than previously anticipated. We are set to spud two more wells on the Forest Reserve WD-8 and Coora 2 blocks in the coming weeks, giving us further momentum as we continue our ambitious 2018 drilling campaign.”

Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/14032018/touchstone-exploration--operational-and-drilling-update/

 

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