Caribbean-focused energy producer Touchstone Exploration has released its most recent operational update and 2018 financials.
Caribbean-focused energy producer Touchstone Exploration (TSX:TXP,LSE:TXP,OTCPink:PBEGF) has released its most recent operational update and 2018 financials.
As quoted from the press release:
• Achieved January and February 2019 crude oil sales of 1,994 and 2,179 barrels per day (“bbls/d”), respectively.
• Realized average prices of US$52.00 per barrel and US$56.84 per barrel for January and February crude oil volumes, respectively.
• Current field estimated production is approximately 2,358 bbls/d (based on the previous seven-day average).
• Production from the 11 wells drilled in 2018 are currently contributing an average of 993 bbls/d to current field estimated production.
• Received Certificates of Environmental Compliance (“CEC”) for seven drilling locations on our Ortoire exploration property.
2018 Financial Results
The company expects to release financial results for the three months and year ended December 31, 2018 on March 27, 2019. Production Touchstone has initially completed all of the wells drilled in its 2018 drilling campaign. Due to best practice in Trinidad, the Company initially completed the lower most sands in each of the wells. Upon evaluation of production rates and economic viability, several of the initial completed zones were suspended, with the Company moving uphole to more prospective targets. To date, the Company has eight of the 11 wells optimized with the remaining three awaiting final approval to complete additional sands. Upon receipt of the customary regulatory approvals, the Company will proceed with the proposed workovers.
Paul Baay, president and CEO commented: “The team continues to optimize the wells drilled in the 2018 program which has resulted in significant changes to our stabilized base production rates. Several of the wells are pool extensions and as such have shown much higher pressures than we have encountered in the past, which has also resulted in higher initial production rates. These wells have also verified a number of new geological concepts that will further expand our development drilling inventory.”