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Touchstone Exploration reveals positive start to 2019

Last updated: 08:35 15 Jan 2019 EST, First published: 03:13 15 Jan 2019 EST

oil and gas operations
Production averaged 1,900 bopd through early 2019

Touchstone Exploration Inc (LON:TXP, CVE:TXP) confirmed a positive start to 2019, in terms of production and highlighted plans for further well drilling operations.

The company, which describes itself as the ‘most active onshore upstream company in Trinidad’, highlighted that it delivered an average of 1,900 barrels of oil per day through the first 13 days of this year.

WATCH: Touchstone Exploration looking forward to 'true exploration drilling' in Trinidad

Production in the fourth quarter of 2018 averaged 1,851 bopd, marking a 28% improvement on the comparative period of the preceding year. At the same time, Touchstone noted that 2018’s crude sales averaged 1,851, up 25% from 2017.

It drilled three wells in the fourth quarter of 2018, taking its tally for the year to 11, and it also performed 28 well re-completions during the 12 months.

Touchstone added that it is presently considering its capital allocation plans for development and exploration in 2019, and, it noted that it has only minor work obligations and that it has received significant interest from third parties that wish to participate in the Ortoire exploration project.

In Tuesday’s statement, Touchstone chief executive Paul Baay said: "We are very pleased to continue to deliver positive production results, as evidenced by our 25% year over year oil sales growth.

“As we move into 2019, we are seeking to prioritize the exciting exploration opportunities we have identified at Ortoire together with the predictable development drilling inventory we have amassed to date."

READ: Touchstone Exploration looks ahead to 'game-changing' 2019 plans

In a note to clients, analysts at ‘house’ broker Shore Capital commented: “Overall, we are very encouraged by today’s update and our Risked NAV estimate is maintained at 35p/share; at the prevailing share price, we continue to see an excellent opportunity for investors to gain exposure to this leading Trinidadian operator.”

In early afternoon trading, Touchstone Exploration shares held steady at 13p.

 -- Adds analyst comment, share price --

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