Touchstone Exploration (LSE:TXP) released its results for the first quarter of 2019 on Tuesday revealing petroleum sales of $11m for the period. This compares with sales of $8.2m in Q1 2018, and the improvement was in spite of significantly lower oil prices in January after the sharp decline in price at the tail end of 2018.
In a live online presentation last night, Touchstone Explorations President and CEO, Paul Baay, discussed the results and the firms upcoming drilling campaign.
In the event, viewable below, Paul detailed Touchstone’s drilling operations on the Ortoire block and its potential to transform the company’s production output. Paul then answered questions from viewers in an extensive Q&A session following the presentation.
The company has identified four targets located on Ortoire with drilling expected to start in late June. The first target is Corosan, a natural gas prospect located just north of Shell’s Carapal Ridge discovery, which is scheduled to be drilled in June. Corosan could contain up to 50 billion cubic feet (Bcf) of gas which could effectively double the company’s current production. The second prospect is called Balata West, which Touchstone believes could support 30-40 wells producing 3,000-4,000bopd. However, the third prospect, called the Central Prospect, could well be the most prospective of all the Ortoire targets.