Share Name Share Symbol Market Type Share ISIN Share Description
Touchst EX Di LSE:TXP London Ordinary Share CA89156L1085 COM SHS NPV (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 8.875p 8.75p 9.00p 8.875p 8.875p 8.875p 268,514 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Aerospace & Defence - - - - 9.15

Touchstone Exploration Inc. Second Quarter Operations Update

17/07/2017 7:00am

UK Regulatory (RNS & others)


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RNS Number : 1824L

Touchstone Exploration Inc.

17 July 2017

TOUCHSTONE ANNOUNCES SECOND QUARTER OPERATIONS UPDATE

Calgary, Alberta - July 17, 2017 - Touchstone Exploration Inc. ("Touchstone" or the "Company") (TSX / LSE: TXP) announces the following operational update for the three months ended June 30, 2017 (the "second quarter").

Highlights

   --    Achieved second quarter crude oil sales of 1,335 barrels per day ("bbls/d"). 
   --    Realized an average price of US$45.51 per barrel in the second quarter of 2017. 

-- Average field estimated daily oil production for the first two weeks of July was 1,455 bbls/d.

-- The initial two wells of the 2017 drilling program were completed and placed on production; the average combined field estimated oil production for the first two weeks of July was 203 bbls/d.

-- The final two wells of the 2017 drilling program have been drilled and cased for oil production encountering a combined net oil pay of approximately 637 feet.

Production and Pricing

Second quarter 2017 crude oil production was 1,335 bbls/d, representing an increase of 4% from 1,280 bbls/d produced in the first quarter of 2017. Realized second quarter 2017 pricing for crude oil was US$45.51 per barrel versus US$48.20 per barrel received in the first quarter of 2017. The 6% decrease was a result of a 8% decrease in the Brent reference price over the period and a reduction in the realized Brent reference differential from approximately 10% to 8%.

The Republic of Trinidad and Tobago was affected by Tropical Storm Bret which struck the island on June 29(th) and 30(th) . The storm had minimal impact on Touchstone's production, and no safety issues were reported.

Drilling Campaign

Coora 1 Block

In the second quarter of 2017, the Company drilled and completed two wells (CO-368 and CO369) on the Coora 1 property. Both wells are currently on production (100% oil).

CO-368 was perforated on June 13, 2017 with the initial completion targeting 15 feet of the estimated 195 feet of oil bearing sand encountered in the Cruse formation. The well is currently flowing 27deg API oil up 7" production casing through a 12/32" choke with average daily oil production over the first 26 days of 111 bbls/d. The Company anticipates the well will be placed on pump once the pressure decreases. A larger interval in the well was initially designed for completion but high initial pressures required the well to be put to production immediately following the completion. This well is the deepest well the Company has drilled on the Coora 1 block and has verified the geological concept that many of the deeper sands in the area are highly productive.

The CO-369 well was perforated on June 23, 2017 with the initial completion targeting approximately 97 feet of the estimated 150 feet of oil bearing sands in the Cruse formation. The well was immediately put to pump with an average daily oil production rate of 151 bbls/d over the first 17 days of production. The well has over 2,000 feet of pump submergence and will be further optimized once additional pressure data is received.

Grand Ravine WD-4 Block

The PS-598 well was spud on June 8, 2017 and was drilled to a total depth of 7,340 feet on June 29, 2017. Drilling was interrupted due to Tropical Storm Bret but no additional costs were incurred due to the delay. Wireline logs indicate approximately 355 feet of net oil pay as follows:

 
 Upper Forest formation   260 
                           feet 
 Lower Forest formation    59 
                            feet 
 Cruse formation           36 
                            feet 
-----------------------  ------- 
 Total (net) oil          355 
  pay                      feet 
 

The Company cased the well for oil production and has deferred the completion of the well subsequent to the drilling of PS-599, as the two wells share a common surface location. The initial completion in the PS-598 well will target the lowest 36 feet of oil sands encountered in the Cruse formation.

The PS-599 well was spud on June 30, 2017 and reached a total depth of 6,926 feet on July 11, 2017. The well was drilled to access hydrocarbons in a separate, but adjoining fault block to the PS-598 well. Wireline logs indicate the presence of approximately 282 feet of net oil pay in both the Forest and Cruse formations as follows:

 
 Upper Forest formation   197 
                           feet 
 Lower Forest formation    25 
                            feet 
 Cruse formation           60 
                            feet 
-----------------------  ------- 
 Total (net) oil          282 
  pay                      feet 
 

The Company will commence completion operations on the PS-598 well as soon as the drilling rig has moved off location and will complete the Cruse sands in the PS-599 well immediately thereafter. The initial completion in the PS-599 well will target lowermost 60 feet of oil sands encountered in the Cruse formation.

About Touchstone

Touchstone Exploration Inc. is a Calgary based company engaged in the business of acquiring interests in petroleum and natural gas rights, and the exploration, development, production and sale of petroleum and natural gas. Touchstone is currently active in onshore properties located in the Republic of Trinidad and Tobago. The Company's common shares are traded on the Toronto Stock Exchange and the AIM market of the London Stock Exchange under the symbol "TXP".

Forward-Looking Statements

Certain information provided in this announcement may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking information in this announcement may include, but is not limited to, statements relating to field estimated production, the potential undertaking and timing of well drilling and completions, and the quality and quantity of prospective hydrocarbon accumulations as indicated by wireline logs. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Certain of these risks are set out in more detail in the Company's Annual Information Form dated March 21, 2017 which has been filed on SEDAR and can be accessed at www.sedar.com. The forward-looking statements contained in this announcement are made as of the date hereof, and except as may be required by applicable securities laws, the Company assumes no obligation to update publicly or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.

For further information, please contact:

 
 Touchstone Exploration Inc.                 Tel: +1 (403) 
                                                  750-4487 
 Mr. Paul Baay, President and Chief 
  Executive Officer 
 Mr. James Shipka, Chief Operating 
  Officer 
 www.touchstoneexploration.com 
 
 Shore Capital (Nominated Advisor          Tel: +44 (0) 20 
  and Joint Broker)                              7408 4090 
 Nominated Adviser: Edward Mansfield 
  / Mark Percy / James Wolfe 
 Corporate Broking: Jerry Keen 
 
 GMP FirstEnergy (Joint Broker)        Tel: +44 (0) 207448 
                                                      0200 
 Jonathan Wright / Hugh Sanderson 
 
 Camarco (Financial PR)                   Tel: +44 (0) 203 
                                                  757 4980 
 Nick Hennis / Jane Glover / Billy 
  Clegg 
 

Competent Persons Statement

In accordance with the guidelines of the Aim Market of the London Stock Exchange, the technical information contained in this announcement has been reviewed and approved by James Shipka, Chief Operating Officer of Touchstone Exploration Inc. Mr. Shipka is a qualified person as defined in the London Stock Exchange's Guidance Note for Mining and Oil and Gas companies. Mr. Shipka has a Bachelor of Science in Geology from the University of Calgary and has over 29 years of oil and gas exploration and development experience.

This information is provided by RNS

The company news service from the London Stock Exchange

END

UPDUNOURBSABAAR

(END) Dow Jones Newswires

July 17, 2017 02:00 ET (06:00 GMT)

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