Touchstone Exploration CEO reports 'healthy cash position' as it spuds Chinook well

Touchstone Exploration's (LON:TXP) Paul Baay talks Proactive's Andrew Scott through its second quarter results and operational update. Touchstone reported average daily production of 1,396 barrels per day in the period with an operating netback of $10.73 per barrel. Baay says they maintained financial flexibility in the quarter amid a weak commodity price backdrop - with cash of $6.9mln and net debt of $8.5mln. He adds that they've now spudded the hotly anticipated Chinook-1 well, its latest exploration test within the Ortoire block.