Proactive Investors - Run By Investors For Investors

Touchstone Exploration hits production target rate as new wells boost output

The first few days of October saw volumes rise above the initial 2,000 bopd rate, meanwhile, new wells continue to be optimised and further new drilling is just around the corner
oil and gas operations
The 2018 will comprise a total of 14 new wells

Touchstone Exploration Inc (LON:TXP, CVE:TXP) has achieved a key production milestone, with its Trinidad assets breaching a targeted rate of 2,000 barrels per day.

The company told investors that production for the first nine days of October amounted to 2,015 bopd.

READ: Touchstone Exploration expands 2018 drill plans

"I am pleased to report that we have exceeded our near-term production target of 2,000 barrels per day.

“The team has established a solid production base with our focus now on the six additional wells that we expect to drill prior to year-end.

“With the majority of our drilling obligations satisfied, the advantage of having our large diversified asset base allows us to focus on the assets that provide the greatest shareholder returns.”

Touchstone noted that the average rate over the third quarter was 1,758 bopd, up 22% versus the comparative period of last year.

Production growth follows a successful 2018 drilling campaign which brought on eight new wells, and, the company highlighted that preparations have begun to add four more new wells.

The new wells put online today contributed 454 bopd to the rate seen in early October, meanwhile, Touchstone is still optimising four of the eight.

Touchstone’s ninth new well is due to spud by mid-October. Subsequently, two further wells will be drilled from nearby locations.

Exploration on the agenda

The company, meanwhile, also updated investors on its exploration plans including the Ortoire block where seven potential prospects have been identified, along with four follow-up opportunities.

It has received the environmental green light for four of the eleven locations, and continue to pursue its applications for the others.

Baay added: “We continue to refine exploration prospects on our Ortoire property and are very excited about its future developmental potential."  

View full TXP profile View Profile

Touchstone Exploration Inc Timeline

Related Articles

Cargo ship
June 11 2019
MSAR is a cleaner substitute for heavy fuel oil that is burned to power large cargo ships
The Rex drill site at Wizard Lake project
March 17 2019
Proved and probable reserves at the Albertan province project are 225,000 barrels of oil.
Ukraine oil well
April 30 2019
In Ukraine, the Group’s assets are located near to Poland and Romania
Copyright © Proactiveinvestors.com, 2019. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use