The Company engaged GLJ to review each of the internally identified onshore Trinidad exploration prospects on the Ortoire exploration block and to provide an independent Prospect Evaluation in accordance with definitions, standards and procedures contained in the Canadian Oil and Gas Evaluation Handbook (‘COGEH’) and National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities (‘NI 51-101’). Touchstone has an 80% working interest in the Ortoire block.
The Prospect Evaluation includes an estimate of the Company's Risked and Unrisked Recoverable Volumes and the net present value of future net revenue of its Contingent Resources and Prospective Resources. The Prospect Evaluation relied on several factors including existing well bores, offset producing properties and historical production tests on two of the three prospects. The Company also utilised a combination of 2D and 3D seismic data to further delineate the individual prospects. The locations target turbidite fan sequences of the Herrera formation at depths between 7000 and 11 500 ft.
The Prospect Evaluation was performed to provide the Company with an independent assessment of the Ortoire exploration block opportunities and to assist in quantifying individual prospects. At this time, GLJ and the Company have not included the Contingent Resources and Prospective Resources identified in the Prospect Evaluation in Touchstone's Reserves Report as the exploration license governing the Ortoire block requires the Company to first declare commerciality of any discovery prior to economic production.
Paul R. Baay, President and Chief Executive Officer, commented: "This independent prospect evaluation provides confirmation that the prospects that have been identified by the Touchstone team are of a significant size and provide an excellent opportunity for a step change in reserves, production and net asset value of the Company. Proving this geological model could be monumental for Touchstone and Trinidad as it will set up a multi-year exploration and development programme."
Read the article online at: https://www.oilfieldtechnology.com/exploration/17012019/touchstone-announces-ortoire-independent-prospect-evaluation/