Touchstone, in their operational update at the end of October, has revealed that they have increased production by 22 per cent, compared to production in Q3 2017. 

According to the operational update, the company has delivered average field estimated crude oil production for the first nine days of October 2018 of 2,015 barrels per day (bbls/d). 

The company has been optimising wells at Forest Reserve WD-8 block and Grand Ravine WD-4 block which have also led to the increased production. 

Paul Baay, Touchstone President and CEO, said, ‘I am pleased to report that we have exceeded our near-term production target of 2,000 barrels per day’. 

He added that, ‘With the majority of our drilling obligations satisfied, the advantage of having our large diversified asset base allows us to focus on the assets that provide the greatest shareholder returns. We continue to refine exploration prospects on our Ortoire property and are very excited about its future developmental potential’. 

The company previously indicated that the drilling campaign for 2018 will see the development of 14 wells in 2018. The operational update indicates that eight wells were drilled, all of which are currently in production. The company is currently optimising production on four of the eight wells. 

The additional six wells are to be drilled before the end of the year. Touchstone also indicated that it received an extension of its Fyzabad exploration and production licence for an additional 14 years to August 19, 2032.