03:00 Mon 17 Jul 2017
Touchstone Explrtn. - Second Quarter Operations Update
TOUCHSTONE ANNOUNCES SECOND QUARTER OPERATIONS UPDATE
Highlights
· Achieved second quarter crude oil sales of 1,335 barrels per day ("bbls/d").
· Realized an average price of
· Average field estimated daily oil production for the first two weeks of July was 1,455 bbls/d.
· The initial two wells of the 2017 drilling program were completed and placed on production; the average combined field estimated oil production for the first two weeks of July was 203 bbls/d.
· The final two wells of the 2017 drilling program have been drilled and cased for oil production encountering a combined net oil pay of approximately 637 feet.
Production and Pricing
Second quarter 2017 crude oil production was 1,335 bbls/d, representing an increase of 4% from 1,280 bbls/d produced in the first quarter of 2017. Realized second quarter 2017 pricing for crude oil was
The
Drilling Campaign
Coora 1 Block
In the second quarter of 2017, the Company drilled and completed two wells (CO-368 and CO369) on the Coora 1 property. Both wells are currently on production (100% oil).
CO-368 was perforated on
The CO-369 well was perforated on
Grand Ravine WD-4 Block
The PS-598 well was spud on
|
260 feet |
|
59 feet |
Cruse formation |
36 feet |
Total (net) oil pay |
355 feet |
The Company cased the well for oil production and has deferred the completion of the well subsequent to the drilling of PS-599, as the two wells share a common surface location. The initial completion in the PS-598 well will target the lowest 36 feet of oil sands encountered in the Cruse formation.
The PS-599 well was spud on
|
197 feet |
|
25 feet |
Cruse formation |
60 feet |
Total (net) oil pay |
282 feet |
The Company will commence completion operations on the PS-598 well as soon as the drilling rig has moved off location and will complete the Cruse sands in the PS-599 well immediately thereafter. The initial completion in the PS-599 well will target lowermost 60 feet of oil sands encountered in the Cruse formation.
About Touchstone
Forward-Looking Statements
Certain information provided in this announcement may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking information in this announcement may include, but is not limited to, statements relating to field estimated production, the potential undertaking and timing of well drilling and completions, and the quality and quantity of prospective hydrocarbon accumulations as indicated by wireline logs. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Certain of these risks are set out in more detail in the Company's Annual Information Form dated
For further information, please contact:
|
Tel: +1 (403) 750-4487 |
Mr. |
|
Mr. |
|
|
|
|
|
Shore Capital (Nominated Advisor and Joint Broker) |
Tel: +44 (0) 20 7408 4090 |
Nominated Adviser: |
|
Corporate Broking: |
|
|
|
GMP FirstEnergy (Joint Broker) |
Tel: +44 (0) 207448 0200 |
|
|
|
|
Camarco (Financial PR) |
Tel: +44 (0) 203 757 4980 |
|
|
Competent Persons Statement
In accordance with the guidelines of the Aim Market of the
This information is provided by RNS
The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of...
FOR OUR FULL DISCLAIMER CLICK HERE