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Touchstone Exploration confirms 20% production growth after drilling five new wells

Average production was up in the first quarter, grew further through April and three more new wells are due online in the coming weeks
oil and gas operations
Q1 production averaged 1,543 bopd

Trinidad-focused Touchstone Exploration Inc (LON:TXP) told investors that first quarter production averaged 1,543 barrels of oil per day, representing a 21% increase compared to the same period in 2017.

Output continued to ramp-up, with the rate rising to 1,669 bopd for the month of April and, currently, it measures around 1,772 bopd.

WATCH:Touchstone Exploration to let 'the numbers do the talking' in 2018

Touchstone highlighted in a statement the completion of the first five wells of this year’s drill programme - two of which are now ‘on stream’ for production and the other three are due to start in the current quarter.

The drilling has to date satisfied the minimum obligations tied to the Coora and WD-4 licences, and additionally the company added that it is ‘current’ on its WD-8 licence.

"The first five wells of 2018 have been successfully drilled. With the promising net pay indicated on the logs, we expect to have the potential for significant production coming on stream as the wells are completed,” said Paul Baay, Touchstone chief executive.

“We are excited to see the stabilised production results from these wells as we accelerate to our target of 2,000 barrels per day.

“We are pleased with the momentum achieved with the 2018 drilling campaign to date, and increased realized oil pricing has allowed us to be more profitable on a per barrel basis."

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