Touchstone (LSE:TXP) reported its 2025 year-end reserves update, highlighting the successful integration of its 65% working interest in Trinidad’s Central block, which has increased proved developed producing reserves and added LNG-linked natural gas volumes alongside additional processing capacity. The company also continued advancing development of the Herrera formation, with the Cascadura-5 well delivering both natural gas and medium-gravity crude production, while output from established oil assets at CO-1, WD-4 and WD-8 remained stable.
Overall reserves trends were mixed. Gross proved developed producing (PDP) reserves rose 45% year on year to 9,933 Mboe, although total proved and 2P reserves declined slightly due to technical revisions at Cascadura Block B and the divestment of the non-core Fyzabad asset. Despite this, reserve valuation improved significantly, with before-tax PDP NPV10 increasing 35% and after-tax 2P NPV10 reaching approximately $315 million. The uplift was supported by higher-value gas marketing arrangements, a strong reserve life index of 13.3 years on a 1P basis and 23.2 years for 2P reserves, as well as upcoming growth catalysts including the tie-in of the Carapal Ridge-3 well, new drilling activity at WD-8 and WD-4, and commissioning of the Cascadura compressor expected in the second quarter of 2026.
More about Touchstone Exploration
Touchstone Exploration Inc. is a Calgary-based oil and gas producer focused on operations in Trinidad, with a portfolio spanning light and medium crude oil, conventional natural gas and natural gas liquids. Its assets include mature oil blocks such as CO-1, WD-4 and WD-8, alongside the Cascadura gas field and the recently acquired Central block, which adds LNG-linked gas production and associated infrastructure. The company’s strategy centres on expanding gas-weighted production through development of the Cascadura and Central block Herrera formations while maintaining stable oil output to support long-term cash flow and reserve growth.
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