Touchstone Exploration Reports Cascadura Drilling Results and Strategic Fyzabad Divestiture

Touchstone’s Cascadura-4ST2X hits gas sands but encounters stuck pipe

Touchstone Exploration has delivered a chunky operational update from Trinidad’s Ortoire block, centred on the Cascadura field and a small but telling portfolio tidy-up. The headline: Cascadura-4ST2X intersected the targeted Herrera Gr7bc gas sands but the team lost circulation and then got stuck pipe on pull-out. Despite that, management plans to complete the well for production using a combination of casing and the drill string to access the gas-charged intervals.

It is not perfect execution, but the reservoir call looks intact. This is the third well in the “A” block of Cascadura to encounter sands in the target. Without open-hole logs – the wireline data you normally run before casing – the petrophysical detail is thinner, yet Touchstone says offset wells and real-time drilling data line up with the model.

Cascadura-5 completion and rapid tie-in through the gas facility

Completion operations on Cascadura-5 start immediately. All tie-in equipment is already on location, and the well will be tested straight through the Cascadura gas facility. That is exactly what you want to hear – a short path from test to sales if results cooperate.

Cascadura-4ST2X will move to final completion and tie-in once equipment and a service rig are on site. No timing is given, but the intent is clearly to bring both Pad B wells through the facility as efficiently as possible.

Rig marching to Carapal Ridge-3 with site 60% complete

Once Pad B operations finish, Star Valley Rig #205 will mobilise to Carapal Ridge-3 in the Central block. Site construction is about 60% complete, with the location expected to be drill-ready by the end of October. There is no spud date guidance beyond that.

Strategically, that keeps Touchstone on the front foot beyond Cascadura and diversifies the well-by-well risk profile across the block.

Facility compressor to enhance gas processing capacity

Touchstone has secured a compressor for the Cascadura facility to further enhance natural gas processing. The project is “currently expected to be completed in the second quarter of 2025” according to the RNS. Given today’s date, that reads oddly – if it is not a typo, then the company may already be substantially advanced. The RNS does not clarify.

Production steady at around 5,100–5,300 boe/d

Volumes are holding in a narrow band. Production averaged 5,152 boe/d in August 2025, compared with 5,300 boe/d in July and 5,088 boe/d in June. August comprised 21.7 MMcf/d of net natural gas production (3,623 boe/d) and 1,529 bbls/d of net crude oil and liquids.

For context, boe/d means barrels of oil equivalent per day. It converts gas to oil units at 6 Mcf per barrel. It is handy for trend-watching, but it can mask price differences between oil and gas.

Period	Total production (boe/d)	Conventional natural gas (Mcf/d)	Liquids (bbls/d)
June 2025	5,088	21,421	1,519
July 2025	5,300	22,322	1,577
August 2025	5,152	21,740	1,529

Fyzabad divestiture trades 37 bbls/d for three turnkey wells

Touchstone has agreed to sell its non-core Fyzabad oil property to a Trinidad-based third party. Fyzabad averaged 37 bbls/d net in August and had limited scalability. In exchange, Touchstone will receive three turnkey wells to be drilled across its WD-8 and WD-4 blocks. Under the deal, the purchaser drills the wells, while Touchstone supplies certain ancillary drilling and completion equipment.

Two wells are scheduled before year-end 2025, with the third in the first quarter of 2026. Closing is expected in the fourth quarter of 2025, subject to customary regulatory approvals. This is a capital-light way to test more locations in the WD areas while shedding a small, low-growth asset.

Working interests and partner context

• Cascadura field (Ortoire block): Touchstone 80% operating working interest, Heritage Petroleum Company Limited 20%.
• Fyzabad, WD-4 and WD-8 blocks: Touchstone 100% working interest.

What it means for investors

Positives I see

• Cascadura-4ST2X did what matters most – it hit gas-charged Herrera Gr7bc sands consistent with the model, adding a third A-block penetration of the target.
• Cascadura-5 is moving directly into completion and facility testing, signalling short cycle-time to potential cash flow.
• The rig move to Carapal Ridge-3 keeps the programme active beyond Cascadura, broadening the opportunity set.
• The Fyzabad disposal swaps 37 bbls/d for three carried drilling shots in WD-8/WD-4. If even one pays off, that is a tidy trade.
• Production is broadly stable around 5,100–5,300 boe/d, with gas volumes underpinning the base.

Watch-outs and uncertainties

• Stuck pipe and early termination at 5,896 feet mean less data than planned. Without open-hole logs, reservoir quality and net pay estimates will rely on offsets and production results. Initial test rates will count.
• Completing a well with a section of drill string in place can work, but it adds complexity and potential long-term operational constraints.
• The compressor timeline in the RNS references completion in Q2 2025, which appears inconsistent with today’s date. Clarification would help gauge capacity uplift timing.
• The Fyzabad deal still needs approvals, and the value ultimately rests on how the three WD wells perform.

Key operational milestones to track next

• Cascadura-5 completion and test results through the facility – near-term.
• Cascadura-4ST2X final completion and tie-in – timing not disclosed.
• Carapal Ridge-3 site readiness by end-October and subsequent spud.
• Formal closing of the Fyzabad sale in the fourth quarter of 2025.
• Drilling of two turnkey WD-8/WD-4 wells before year-end 2025 and the third in Q1 2026.
• Any update on Cascadura facility compressor timing and expected throughput uplift.

Quick jargon check

• Lost circulation: when drilling fluid disappears into the formation, often indicating porous zones but creating operational challenges.
• Stuck pipe: when the drill string cannot be moved or pulled free, sometimes leaving equipment in the hole.
• Open-hole logs: measurements run before casing to evaluate reservoir properties like porosity and hydrocarbon saturation.
• Tie-in: connecting a new well to processing facilities and pipelines.
• Working interest: the percentage share of costs and production in a field.

If you want the company’s own materials, visit Touchstone Exploration’s website: www.touchstoneexploration.com.