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The AIM-listed company said crude oil sales in February totaled 1,552 barrels per day, compared with 1,521 barrels per day in in January. Average prices per barrel dropped to
Current field estimated production is about 1,705 bbls/d, based on the previous week's average, and production from the four wells drilled in 2017 remained strong, the company said. The four wells contributed an average of 280 barrels per day to January and February production.
Touchstone Exploration President and Chief Executive Paul Baay said: "The team has now optimised the wells in the 2017 programme, and we believe this should provide shareholders with a good indication of the potential for our asset base. Production results of the four wells drilled throughout 2017 have been very encouraging, and we expect the current levels to continue to increase throughout the year. We have a very repeatable platform from which to build out our existing drilling campaign as we move closer to our 2,000 bbls/d sustainable rate."
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Touchstone is now proceeding to drill the next four wells in its drilling inventory.
The group expects to spud the first of two wells located on the Forest Reserve WD-8 block in the next 48 hours, following three-week delay related to the mobilisation, inspection and certification of the drilling rig. Touchstone is targeting to drill the well to a total depth of 3,800 feet.
The first of two planned wells on the Coora 2 block is scheduled to spud next week, targeting sands in the lower cruse formation at about 3,800 feet.
The company said that immediately upon completion of each well in both locations, it expects to move the rigs to drill other wells from the same surface locations.
Touchstone Chief Operating Officer James Shipka said: "We are set to spud two more wells on the Forest Reserve WD-8 and Coora 2 blocks in the coming weeks, giving us further momentum as we continue our ambitious 2018 drilling campaign."
Touchstone shares were up 2.5% at
