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Touchstone Exploration continues to look forward to Ortoire results

The firm is working on two wells in the Ortoire block in Trinidad.

Touchstone Exploration Inc - Touchstone Exploration continues to look forward to Ortoire results
A third quarter update revealed crude sales of 1,729 barrels per day

Investors in Touchstone Exploration Inc (LON:TXP) continue to look forward to results from exploration in the Ortoire block.

Touchstone’s first exploration well was successfully drilled and it is being prepared to start production testing, meanwhile, the second well is being drilled presently (it is at 4,600 feet).

READ: Touchstone bumps up loan for second exploration well

The company’s third quarter update this morning revealed crude sales of 1,729 barrels per day for the three months ended 30 September, and the rate was marked at 1,871 barrels across the nine-month period which reflects a 12% rise against the previous year’s comparative.

It generated US$1.08mln of funds from operations in the quarter, and US$4.8mln for the nine months. Operating net back was reported at US$24.56 per barrel for the quarter.

Touchstone ended the period with US$3.42mln of cash and had US$12.28mln of net debt. The company noted that it increased its financial liquidity, by expanding its credit facility to C$20mln up from C$15mln.

Quick facts: Touchstone Exploration Inc

Price: 13.75 GBX

AIM:TXP
Market: AIM
Market Cap: £22.09 m
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