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Touchstone Exploration says new wells continue to deliver better-than-expected results

Published: 07:48 28 Nov 2017 GMT

oil and gas operations
New wells have added nearly 300 bopd of production

Touchstone Exploration Inc (LON:TXP) told investors that results from this year’s drill programme has continued to beat expectations.

The Trinidad-focussed oil junior detailed crude sales of 1,369 and 1,472 barrels per day for the months of September and October respectively. Production from four new wells contributed an average of 299 bopd in the two months.

READ: Touchstone Exploration reveals improved performance for third quarter

Now, the company has begun preparations for its next four new wells. New drilling is expected to start in January, and will be funded by existing cash resources.

"Production from the company's 2017 drilling program continues to exceed expectations and we are looking forward to returning to the field to drill the next four wells,” said James Shipka, Touchstone chief operating officer.

“We will continue to execute our strategy of drilling deeper in established pools, an approach which we plan to utilize in evaluating all of our future drilling prospects.”

READ: Touchstone Exploration to push ahead with Trinidad programme after early success

Additionally, Touchstone updated on plans for the Fyzabad water injection project.

Chief executive Paul Baay said: “Corporate social responsibility is very important to Touchstone and two of the major items we focus on are the environment and the health of our employees and their families.

“The Fyzabad water injection project marks our first steps towards a goal of zero surface water release by the end of 2019 and shows our dedication to being a local leader in environmental stewardship."

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