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Touchstone Exploration Inc

Touchstone Exploration hits production target rate as new wells boost output

The first few days of October saw volumes rise above the initial 2,000 bopd rate, meanwhile, new wells continue to be optimised and further new drilling is just around the corner

oil and gas operations
The 2018 will comprise a total of 14 new wells

Touchstone Exploration Inc (LON:TXP, CVE:TXP) has achieved a key production milestone, with its Trinidad assets breaching a targeted rate of 2,000 barrels per day.

The company told investors that production for the first nine days of October amounted to 2,015 bopd.

READ: Touchstone Exploration expands 2018 drill plans

"I am pleased to report that we have exceeded our near-term production target of 2,000 barrels per day.

“The team has established a solid production base with our focus now on the six additional wells that we expect to drill prior to year-end.

“With the majority of our drilling obligations satisfied, the advantage of having our large diversified asset base allows us to focus on the assets that provide the greatest shareholder returns.”

Touchstone noted that the average rate over the third quarter was 1,758 bopd, up 22% versus the comparative period of last year.

Production growth follows a successful 2018 drilling campaign which brought on eight new wells, and, the company highlighted that preparations have begun to add four more new wells.

The new wells put online today contributed 454 bopd to the rate seen in early October, meanwhile, Touchstone is still optimising four of the eight.

Touchstone’s ninth new well is due to spud by mid-October. Subsequently, two further wells will be drilled from nearby locations.

Exploration on the agenda

The company, meanwhile, also updated investors on its exploration plans including the Ortoire block where seven potential prospects have been identified, along with four follow-up opportunities.

It has received the environmental green light for four of the eleven locations, and continue to pursue its applications for the others.

Baay added: “We continue to refine exploration prospects on our Ortoire property and are very excited about its future developmental potential."  

Quick facts: Touchstone Exploration Inc

Price: 13.75 GBX

Market: AIM
Market Cap: £22.09 m
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