Touchstone released their operational and drilling update on Thursday 9th August. According to a press release, the company drilled the first seven wells of the ten well program.
It was revealed that four of the seven wells are yet to contribute to the current stabilized production of Touchstone. Paul Baay, CEO Touchstone said "We are excited to increase production in the near-term. With the combination of these four wells and the remaining three to be drilled this year, we are looking forward to a strong start to 2019. In addition to the existing drilling program, the Ortoire exploration opportunities and future development potential are expected to contribute to our robust growth objectives going forward.”, he added.
The release indicated that Touchstone achieved average second quarter 2018 crude oil production of 1,717 barrels per day (“bbls/d”), representing increases of 11% and 29% from the first quarter of 2018 and the second quarter of 2017, respectively.
In addition, the company delivered July estimated crude oil production of 1,757 bbls/d.
It was also mentioned that they commenced pre-drilling operations on the eighth well of the 2018 program on the WD-8 block.
The Company expects to release its unaudited interim results for the three and six months ended June 30, 2018 on August 14, 2018.