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.