- Touchstone Exploration said its first onshore exploration well in Trinidad and Tobago had encountered natural gas in four zones.

The Coho-1 was drilled to a total depth of 8,560 feet in 28 days and was currently being cased for further evaluation.

Well logs indicated significant prospective natural gas pay in four unique sand packages in the Herrera sands, Touchstone said.

The upper Herrera Gr7b and Gr7c sands had indications of a total of 105 feet of net gas pay at measured depths between 5,486 and 7,240 feet.

The drilling rig would now move to the company's second exploration well on the Ortoire block.

'Although Coho-1 targeted the smallest prospect in our Ortoire exploration inventory, the initial drilling results represent significant potential growth for the company,' chief executive Paul R. Baay said.

'The presence of hydrocarbons in the turbidite sands of the Herrera confirms that our geological model is correct, and our drilling operations confirm that our team can drill future wells in a safe, timely and cost-efficient manner.'

'This result gives the board and management a great deal of confidence to move directly to the Cascadura location which will test a separate structure targeting significant oil prospects in a similar geological setting.'

At 9:43am: [LON:TXP] Touchstone Exploration Inc share price was +0.75p at 15.75p

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