Touchstone Exploration Profile
Touchstone Exploration Inc., through its subsidiaries, operates as an oil and gas exploration and production company active in the Republic of Trinidad and Tobago.
The company primarily engages in the exploration for and the acquisition, development, and production of hydrocarbons in onshore reservoirs in Trinidad.
Principal Properties
The company holds interests in producing and exploration properties in southern Trinidad and minimal undeveloped acreage in Saskatchewan, Canada. All properties are operated by the company apart from the Cory Moruga exploration block.
Canadian Operations
All Canadian operations are conducted through the company. Subsequent to the Touchstone Arrangement, the company focused on divesting all Canadian petroleum assets. The company has no proved, probable or possible reserves associated with the company’s remaining Canadian assets, which represent 3,898 acres of undeveloped land in the Luseland area of Saskatchewan.
Trinidad Operations
The company, through its indirect wholly-owned subsidiary, Touchstone Exploration (Trinidad) Ltd., engages in the development and exploration of its onshore oil and gas properties located in Trinidad. With interests in approximately 84,000 gross acres (approximately 62,000 net working interest acres) of exploration and development rights, the company is a major independent onshore oil producer in Trinidad.
Core Producing Properties
The company’s core focus is on developing production on its four onshore lease operatorship licenses and its Fyzabad onshore property.
Coora
The Coora blocks are administered by two Heritage Petroleum Company Limited lease operatorship agreements (Coora 1 and Coora 2), which consist of 1,699 developed acres. On a combined basis, the property has 122 producing and 105 non-producing wells (net). Both blocks produce oil out of the Forest and Cruse formations at an average well depth of 4,500 feet. The property was acquired by Touchstone Energy in 2011, and twelve net wells have been drilled by the company as of December 31, 2019.
WD-4
The block is located in the Grand Ravine area and has 36 producing wells and 23 non-producing wells (net). The wells produce from both the Forest and Cruse formations at an average well depth of 6,500 feet. The company has drilled eight net wells since acquiring the property through December 31, 2019.
WD-8
The WD-8 field is a mature property that covers approximately 650 net acres and is administered by a Heritage Petroleum Company Limited lease operatorship agreement. The field is producing from 74 of 121 wells (net) from both the Forest and Cruse formations at an average well depth of 3,450 feet. 23 net wells have been drilled by the company as of December 31, 2019.
Fyzabad
The property is subject to an exploration and production license with the Ministry of Energy and Energy Industries of Trinidad and Tobago and various private leases. The property covers approximately 564 acres, and 75 wells (net) are producing. The field produces from the Forest and Upper and Middle Cruse formations with average well depths of 1,750 feet. The company has drilled eight net wells on the property since its acquisition.
Exploration properties
The company also has interests in various small undeveloped exploration properties and three larger exploration blocks. The company's main exploration focus is the Ortoire exploration block.
Strategy
The company’s strategy is to leverage western Canadian enhanced oil recovery experience and capability to international onshore properties to create shareholder value. Outside of its core Trinidad portfolio, the company would continue to examine opportunities in jurisdictions that have stable political and fiscal regimes coupled with large defined original oil in place.
History
The company was formerly known as Petrobank Energy and Resources Ltd. and changed its name to Touchstone Exploration Inc. in 2014.
