Touchstone Exploration has discovered light oil through the first of three planned production tests at its Royston-1 exploration well in Trinidad.
It is the fourth successful well in the company’s Ortoire Block, following discoveries of hydrocarbons at COHO, Cascadura and Cascadura-Deep.
The company’s shares rose by 25.5 per cent today, trading at a peak of 148.00 on the FTSE AIM All-Share.
Touchstone Exploration drilled to a depth of 10,700 feet at the onshore site and uncovered a hydrocarbon column in the well.
The Canada-based company owns an 80 per cent stake in the site, with the rest owned by Heritage Petroleum Company.
It is now moving uphole for the next two tests, the third of which will be completed at the end of December.
Paul Baay, president and chief executive officer, said: “We are excited to discover a promising new light oil pool in the deepest test section of the Royston well, adding further potential to the future development opportunity in the Royston area, as light oil can be easily and economically developed alongside any gas development.”