Touchstone Exploration boosts oil output after drilling new wells
Source - SMW
Touchstone Exploration said it had grown 'field estimated' production by 42% in the first quarter on-year.
Production in May amounted to 1,728 barrels per day and the current field estimated production was around 1,821 barrels per day, the company said.
Additional volumes were realized from three of the five wells drilled in 2018, with the final two wells expected to come on stream in the next 30 days.
'The drilling campaign continues to provide significant organic growth for the company,' chief executive Paul Baay said.
'With current field estimated production of 1,821 barrels per day, Touchstone has grown production by 42% compared to the first quarter of 2017.'
'With two wells coming on production in the next month and five more wells planned for 2018 the company is well positioned to exceed our 2,000 barrels per day goal for this year.'
At 9:41am: (LON:TXP) Touchstone Exploration Inc share price was +0.1p at 14.1p