Trinidad focussed Touchstone Exploration Inc (LON:TXP, TSE:TXP) reported second quarter oil sales of 1,334 barrels per day, up 4% from the comparative period of 2016.
Second quarter results, for the three months to June 30, were the oil firm’s first financials to be reported since it joined London’s AIM market on June 26.
Touchstone reported US$438,000 second quarter funds flow from operations, up from US$393,000 in the preceding three month period. It noted that net-backs on production increased significantly, up to US$21.72 per barrel from US$9.27 in the second quarter of 2016.
Operationally, Touchstone improved also with three new wells successfully drilled during the three months (a fourth was drilled shortly after) and five existing wells were recompleted – these enhancements are expected to come through in Touchstone’s third quarter figures.
Chief executive Paul Baay highlighted: “This drilling program had little effect on second quarter financial and operating results as incremental production came on late in June, however, we expect to see the full impact of these wells during the second half of the year."
Recapping the period, Baay added: "We have had a very positive second quarter, as we completed a successful admission and listing on AIM and achieved a 134% year-over-year rise in our year to date operating netback prior to derivatives.”
“ I would like to thank all of our staff for their continued hard work in ensuring we successfully and safely drilled three wells and performed five well recompletions during the second quarter."