Touchstone Exploration reports sharp increase in Q2 average crude oil output
Source - SMW
Touchstone Exploration's average crude oil production in the second quarter of 2018 was up 11% compared with the first quarter of 2018 and up 29% year on year.
The firm reported that the four wells drilled as part of its 2017 programme continued to deliver "significant volumes", averaging 365 bbls/d in July, while three of the first five wells in the ten-well 2018 campaign produced a combined average rate of 184 bbls/d last month.
Touchstone said it has drilled, cased and commenced completion operations on the sixth and seventh wells in its 2018 campaign and has started pre-drilling operations on the eighth well.
It also identified six independent exploratory drilling prospects on its Ortoire block on the east of Trinidad.
"I am pleased to report that we now have drilled the first seven wells of the ten-well programme. With four of the seven wells yet to contribute to our current stabilised production, we are excited to increase production in the near-term," said Paul Baay, President and CEO.
"With the combination of these four wells and the remaining three to be drilled this year, we are looking forward to a strong start to 2019. In addition to the existing drilling programme, the Ortoire exploration opportunities and future development potential are expected to contribute to our robust growth objectives going forward," he added.
At 9:48am: (LON:TXP) Touchstone Exploration Inc share price was -1.95p at 18.75p