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Touchstone Exploration output continues to see new well boosts

"I am pleased to report that we now have drilled the first seven wells of the ten well programme,” said Paul Baay, Touchstone chief executive
oil and gas operations
Production averaged 1,717 barrels per day

Touchstone Exploration Inc (LON:TXP, TSE:TXP) told investors that production in the second quarter averaged 1,717 barrels per day, thanks in part to the success of four wells drilled last year and as new wells drilled this year come online.

It marks an 11% improvement from the first quarter and 29% versus the comparative quarter of 2017.

READ: Shore Capital sees “considerable running room” for Touchstone Exploration shares

Three of five new wells are online, adding an average of 184 bpd in the month of July, meanwhile, the Trinidad-focused oil firm noted that pre-drill operations are presently underway for its next scheduled well at the WD-8 block.

Six independent exploration prospects have also now been identified in the Ortoire block.

"I am pleased to report that we now have drilled the first seven wells of the ten well programme,” said Paul Baay, Touchstone chief executive.

“With four of the seven wells yet to contribute to our current stabilized production, we are excited to increase production in the near-term.

“With the combination of these four wells and the remaining three to be drilled this year, we are looking forward to a strong start to 2019.

He added: “In addition to the existing drilling program, the Ortoire exploration opportunities and future development potential are expected to contribute to our robust growth objectives going forward."  

Touchstone intends to release its interim results statement for the six months ended June 30, on August 14.

In mid-morning trading, Touchstone shares were 9.4% lower at 18.75p.

 -- Adds share price --

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