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Touchstone Exploration confirms continued production growth

"The drilling campaign continues to provide significant organic growth for the company,” said Paul Baay, Touchstone chief executive

oil and gas operations
Three of five new wells are now online

Trinidad-based oil firm Touchstone Exploration Inc (LON:TXP) told investors that it produced 1,728 barrels of oil per day in the month of May.

Presently, it said the current production rate is estimated at around 1,821 bopd.

WATCH: Touchstone Exploration ' comfortably ahead of production expectations'

The company highlighted that additional crude volumes are now being realised from three of five new wells drilled this year - the other two new wells are expected to come online within the next 30 days.

"The drilling campaign continues to provide significant organic growth for the company,” said Paul Baay, Touchstone chief executive.

“With current field estimated production of 1,821 bbls/d Touchstone has grown production by 42% compared to the first quarter of 2017. 

“With two wells coming on production in the next month and five more wells planned for 2018 the company is well positioned to exceed our 2,000 bbls/day goal for this year."

Today’s statement comes ahead of the company’s annual general meeting, which is taking place at the Hyatt Regency Trinidad at 10:00am Atlantic standard time, but, will be broadcast online.

Quick facts: Touchstone Exploration Inc

Price: 28 GBX

AIM:TXP
Market: AIM
Market Cap: £51.3 m
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on 15/11/18

2 min read