Touchstone Exploration Inc (LON:TXP, TSE:TXP) told investors that it has optimised the wells drilled in 2017, and updated on the 2018 drill programme.
Oil sales averaged 1,521 and 1,552 barrels per day for the months of January and February respectively, at average prices of US$61.17 and US$57.79 per barrel.
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The four wells drilled last year maintained strong production, the company said, with the new wells yielding an average of 280 bopd. Field production is currently seen at around 1,705 bopd, and the batch of new wells are flowing around 400 bopd.
Touchstone highlighted that the first of this year’s new wells has now been completed, initial production has begun at a controlled rate of 56 bopd ahead of ramp-up via pumping.
Paul Baay, Touchstone chief executive, said: "The team has now optimised the wells in the 2017 program, and we believe this should provide shareholders with a good indication of the potential for our asset base.
WATCH: Touchstone Exploration pushing ahead with 2018 drill programme
“Production results of the four wells drilled throughout 2017 have been very encouraging, and we expect the current levels to continue to increase throughout the year.
“We have a very repeatable platform from which to build out our existing drilling campaign as we move closer to our 2,000 bbls/d sustainable rate."