Touchstone Exploration Inc (AIM:TXP, TSX:TXP, OTC:PBEGF) has shared with investors details of its annual reserves statement, confirming a 33% increase in PDP (proved developed producing) following its advancement of the Ortoire block discoveries in 2022.
The company had 4.8mln barrels of PDP reserves at the end of December 2022, representing a 308% rate of reserves replacement as the Coho field came online. The reserves statement valued PDP reserves at US$62.6mln.
Proved and probable (2P) reserves meanwhile amounted to 75.07mln barrels of oil, valued at US$993.7mln.
In the statement, the Trinidad-based oil and gas producer commented: “Touchstone's 2022 year-end reserves reflect the sustainability of our low decline asset base, as our 2022 capital program focused on exploration activities on our Ortoire property, where we completed construction of the Coho natural gas facility and continued construction operations of the Cascadura natural gas and liquids facility. Touchstone did not drill any development or exploration wells in the 2022 year.”
Touchstone continues to advance its Ortoire discoveries, with the Royston well being prepared for production testing and the high-impact Cascadura field expected to come online before the end of the first half of 2023.