Touchstone has been producing oil in Trinidad since 2010 and is now one of the largest onshore independent oil producers in the country. The Company holds interests on producing and exploration properties in southern Trinidad. All producing properties are operated by Touchstone; a full schedule of our producing assets are set out in the table below:
|December 31, 2019 Gross Reserves (MBOE)|
|Properties||Working Interest||Lease Type||Average 2019 Daily Production (bbls/d)||Gross Acres||Total Proved*||Total Probable*||Total Possible*||Total Proved + Probable + Possible*|
|Coora (Block 1 & 2)||100%||LOA||476||1,699||3,619||2.045||1,578||7,242|
|Fyzabad||100%||Crown and Freehold||107||564||997||664||533||2,194|
|South Palo Seco||100%||Farmout||4||2,167||3||0||0||3|
The Company’s core focus is on developing production on its four onshore lease operatorship properties (Coora Block 1 & 2, WD-4 & WD-8) and its Fyzabad onshore property. The Company also has interests in a number of small undeveloped exploration properties and two larger exploration blocks. The Company’s exploration and undeveloped blocks consist of approximately 83,134 gross acres.
* The reserves information above summarizes certain information from the Company’s Reserves Report prepared by Touchstone’s independent reserves evaluator, GLJ Petroleum Consultants Ltd. (“GLJ”), with an effective date of December 31, 2019. The report was prepared in accordance with definitions, standards and procedures contained in the Canadian Oil and Gas Evaluation Handbook and National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities (“NI 51-101”). The disclosure above represents only a portion of the disclosure required under NI 51-101. Full disclosure with respect to the Company’s reserves as at December 31, 2019 is contained in the Company’s Annual Information Form for the year ended December 31, 2019 dated March 25, 2020.
The recovery and reserves estimates of crude oil and natural gas provided herein are estimates only, and there is no guarantee that the estimated reserves will be recovered. Actual petroleum reserves may be greater than or less than the estimates provided herein. The reserves evaluator forecasts reserve volumes and future cash flows based upon current and historical well performance through to the economic production limit of individual wells. Notwithstanding established precedence and contractual options for the continuation and renewal of the Company’s existing operating agreements, in many cases the forecast economic limit of individual wells are beyond the current term of the relevant operating agreements. There is no certainty as to any renewal of the Company’s existing operating arrangements.
Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves.