TOUCHSTONE EXPLORATION FIRST QUARTER CRUDE OIL PRODUCTION UP 21%[ 14 May 2018 11:10 ] 

LONDON (Alliance News) - Touchstone Exploration Inc said Monday its first quarter crude oil production grew 21% year-on-year.

The London and Toronto-listed oil and gas firm production increased to 1,543 barrels a day, in the three months to March-end, from 1,280 bbls/d in the same period a year ago. Average production in April reached 1,669 bbls/d, while the current field estimate average production is around 1,772 bbls/d.

Shares in the oil production company were trading 5% higher at 14.71 pence.

In the first quarter, the company also drilled and cased the first five wells of the 2018 drilling program. Two wells are already operational while the remaining three are set to start production in the second quarter.

The new wells drilled in the Forest Reserve WD-8 and Coora 2 Block are expected to generate a cumulative total net oil pay of 983 feet.

The two wells at WD-8 will generate 351 feet in total net oil pay, while the two wells at Coora 2 will generate 632 feet.

The company is currently preparing to drill two more wells at the Coora 1 Block as part of the 2018 drilling campaign.

"The first five wells of 2018 have been successfully drilled. With the promising net pay indicated on the logs, we expect to have the potential for significant production coming on stream as the wells are completed," President & Chief Executive Paul Baay said.

"We are excited to see the stabilised production results from these wells as we accelerate to our target of 2,000 barrels per day," he added.

By Elena Cherubini; elenacherubini@alliancenews.com.