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Touchstone Exploration plans more wells as drill programme boosts Trinidad production

Total sales in July and August were 1,349 and 1,591 barrels per day respectively
picture of oil rigs
More wells are planned for this year

Touchstone Exploration Inc. (LON:TXP TSX:TXP) is looking to drill a further four wells in Trinidad this year after a programme earlier this year boosted production by more than predicted.

James Shipka, chief operating officer, said the four wells already drilled targeted slightly deeper horizons in established fields and the results exceeded internal expectations.

The Aim and Canada-listed group made total sales in July and August of 1,349 and 1,591 barrels per day respectively.

WATCH: Touchstone Exploration planning to drill a further four wells in Trinidad

The two wells drilled recently at Coora 1 chipped in an average 202 barrels for the 90 days they were in production with output from the field estimated currently at 246 bbls/d.  

At the Grand Ravine WD-4 block, the final two wells of the 2017 drilling program have been producing for 49 days at an average combined rate of 97 bbls/d. Current production from the two wells is about 139 bbls/d.

Total production over the two months was an average 1,470 bbls/d, which have risen to about 1,500 bbls/d currently. 

READ: Touchstone Exploration details ‘very positive’ second quarter

Paul Baay, president and chief executive, added:Achieving August crude oil sales of 1,591 bbls/d is a testament to our ability to deploy capital rapidly, to drive production and add further growth to our business. 

“We are currently assessing the potential to drill an additional four wells prior to the end of the year subject to acceptable commodity pricing and approval from our board."

Shares rose 1% to 8.82p.

--adds interview, share price --

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