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(Sharecast News) - Touchstone Exploration said on Thursday that two development wells on its WD-8 block in Trinidad and Tobago had been brought into production, while work continued on boosting gas output capacity at Cascadura.
The AIM-traded company said the FR-1835 and FR-1836 wells were completed and placed on production in mid-May.
Since start-up, the wells have produced a combined average of around 175 barrels per day of medium-gravity crude oil, in line with expectations.
Touchstone said field teams were now optimising production flow rates.
The turnkey drilling costs for both wells were funded by the drilling operator under a strategic asset exchange agreement completed in 2025.
Chief executive Paul Baay said the wells provided immediate and stable cash flow, supported by current crude prices.
He said they had been funded through last year's exchange of the Fyzabad asset, which produced about 49 barrels per day in 2025.
"Operationally, our focus remains on efficiently converting reserves into near-term cash flow," Baay said.
The company also said Atlantic LNG Train 4 began a scheduled 54-day maintenance shutdown on 26 May, running to 19 July.
The main transportation pipeline serving Atlantic LNG is also due to be offline for planned maintenance from 15 to 29 June.
During the outages, Touchstone's Central block gas volumes are being redirected to Atlantic LNG Train 2/3 or the domestic market.
The company said it expected the temporary diversion to improve its net realised gas price, as the Train 2/3 pricing formula was structurally higher than Train 4 and domestic industrial demand remained strong.
At the Cascadura facility on the Ortoire block, mechanical and electrical installation of the new booster compressor is progressing on schedule, with commissioning expected to begin in June.
Touchstone said the compressor was designed to lower wellhead backpressure, helping mitigate regional pipeline capacity constraints and allowing wells to flow more freely.
It was expected to improve production efficiency and facility reliability.
At Carapal Ridge 3, the company is preparing a coiled tubing cleanout and acid stimulation programme to address an inflow restriction and improve production.
Since first production, the CR-3 well has delivered stable flowing pressures and estimated gross production of about 2.2 million cubic feet of natural gas per day and 14 barrels of condensate per day, with no previous interventions.
Touchstone said reservoir analysis indicated a localised inflow restriction, likely caused by residual drilling and completion fluids.
The planned intervention remained dependent on the availability of a local coiled tubing unit, after the only local provider capable of carrying out the work experienced mechanical issues.
Given the favourable gas pricing expected during the Atlantic LNG Train 4 maintenance period, Touchstone said it was assessing whether it would be commercially better to defer the CR-3 shut-in and optimisation work until after the outage window ends.
At 1340 BST, shares in Touchstone Exploration were down 069% at 7.2p.
Reporting by Josh White for Sharecast.com.
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