Lease Operatorship blocks Coora 1 and Coora 2, most often referred to as the Coora block, were first developed 1936. The combined property covers nearly 1,700 acres and has an internally estimated 580 million barrels of Discovered Petroleum Initially in Place ("DPIIP") in the Morne L'Enfer, Forest, and Cruse formations. To date, cumulative production has been approximately 65 million barrels, which implies a recovery factor of approximately 11%. Average oil production for the Coora properties in 2015 was 316 barrels per day. The produced crude oil is transferred directly to the Petrotrin refinery utilizing, in part, a Lease Automatic Custody Transfer ("LACT") unit located on Coora 2.
Touchstone Operates a total of approximately 369 wellbores on the Coora blocks and Touchstone has identified 45 future work-over candidates and 35 clearly defined prospects. Since acquiring the Coora blocks in 2011, Touchstone has more than doubled production on the blocks after drilling six successful oil wells and performing approximately 30 reactivations and recompletions.
Lease Operatorship block WD-4 is located in the Grande Ravine region, which is approximately 18 kilometers southwest of the City of San Fernando, in the Forest Reserve area of Trinidad's Sothern Basin. Covering approximately 700 acres, the block produces from the Morne L'Enfer, Forest and Cruse Formations at depths between 2,000 and 8,000 feet. Initally developed in 1957, the WD-4 property has an internally estimated 298 million barrels of DPIIP and is producing from approximately 26 to 83 wellbores operated by Touchstone. WD-4's average oil production in 2015 was 562 barrels per day. Touchstone has drilled a total of four wells since acquiring the property in November 2012.
Lease Operatorship Block WD-8 is located two kilometers east of block WD-4 in the Southern Trinidad Basin. The Forest Reserve WD-8 block encompasses approximately 650 acres of oil prone land and contains 124 Company operated oil wells. Since acquiring Forest Reserve WD-8 Block in 2010, Touchstone has drilled 18 successful oil wells and has 55 wells on production. In 2015 WD-8 produced an average of 344 barrels of oil per day which is shipped to Petrotrin via a LACT unit located at the WD-8 centrayl battery.
Oil reserves in the Forest Reserve WD-8 Block are found in stacked and often compartmentalized reservoirs of the Forest and Cruse Formations at depths between 500 and 4,000 feet. Depths are significantly less than those in the Forest Reserve WD-4 block as the two properties are separated by the northwest and southeast trending Los Bajos strike slip fault. Thick sequences of Piliocene aged Forest and Cruse Formation sands were deposited in a complex deltaic environment with a regional dip generally to the northwest. Recent overprinted structures such as the Fyzabad Anticline have provided structural complexity to the field while the Los Bajos Fault, which runs to the south of the field in a west-northwest to east-southeast direction, likely provided an important oil migration and trapping mechanism for the region.
The New Dome block is located onshore in the southwest portion of Trinidad in the Ward of Siparia. The property covers 69 acres and in 2015 it produced an average of 15 barrels of oil per day.
South Palo Seco
The South Palo Seco block covers approximately 2,306 acres and represents one of Touchstone's prime exploration opportunities. There is significant undeveloped acreage offsetting proven production and the Company is currently evaluating the drilling and recompletion opportunities on the block for potential exploration.
The Barrackpore Block is located approximately 11 kilometers southeast of the city of San Fernando. The property consists of 12 producing wells and four drilling prospects with the productive horizon situated on the north flank of the east-northeast trending Siparia Syncline, which forms the southeast limb of the Penal-Barrackpore anticline.
The Barrackpore block consists of 478 acres and its average oil production in 2015 was 67 barrels per day. In the first quarter of 2016 the Company performed its first onshore fracture stimulation in Trinidad on the Sunty 2 well which is producing from the Miocene aged Herrera Formation.
The Fyzabad Block is located approximately 13 kilometers southwest of the city of San Fernando and is north of the Forest Reserve area of the Southern Trinidad Basin. The block is a combination of privately held and State production Licenses, the combination of which spans 804 acres. Average oil production from the property in 2015 was 195 barrels per day from 75 producing wells. Touchstone has identified 27 drilling prospects on the block for future development.
Oil production in Fyzabad is predominantly from deltaic deposits of the Pliocene Age Cruse and overlying Forest Sands at depths shallower than 2,000 feet. Facies changes within the deltaic complex, structure relating to the Fyzabad Syncline, and subsequent normal faulting, provide the trapping for oil in at least four discrete deltaic sand packages in the area.
The Icacos block is located approximately 53 kilometers southwest of the city of San Fernando. The block is on the southwest tip of the island and surrounds the town of Icacos. The property produces from 14 privately held leases. Production is from deposits of Pilocene Age sandstone; these sands are deltaic in origin and trap oil on the northern flank of the east-west trending Southern Anticline where it dips into the Erin Syncline. Discontinuity in the same deposition and local faulting create isolated pools in the field.
Touchstone has a 50% working interest in the property, which includes 980 net acres. There are a total of 11 wells on the property of which three are producing. Net oil production from the acreage in 2015 averaged 13 barrels per day.
The Palo Seco block is located approximately 24 kilometers sothwest of the city of San Fernando. The property consists of eight producing oil wells and eight drilling prospects. The property contributed an average of 18 barrels of oil per day in 2015.
The San Francique Block is located approximately 19 kilometers southwest of the city of San Fernando. The property consists of 35 producing oil wells and nine identified drilling prospects. Production is from deposits in Pliocene Aget sands. The San Francique block consists of 2,306 acres. The property produced an average of 62 barrels of oil per day in 2015.
The San Francique field is in the Southern Basin of Trinidad, on the north and south flanks of the Debe/Wellington Anticline. Pliocene Age Cruse and the shallower Forest deltaic sandstones provide the reservoirs for oil with traps created by facies changes, faults and erosion on the top of the anticline.