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Touchstone Exploration ( (TSE:TXP) ) has issued an update.
Touchstone Exploration has brought its Carapal Ridge 3 well onstream in Trinidad’s Central block, lifting gross gas throughput at the facility from about 16 MMcf/d at acquisition to roughly 21.5 MMcf/d, and posted average net sales of 4,778 boe/d over January and February. Management says the new well supports a strategy of maximizing existing processing capacity and shifting more volumes into higher-priced LNG-linked contracts, while legacy oil blocks continue to deliver low-risk growth funded by last year’s non-core asset sale.
The company also reported that a booster compressor for its Cascadura gas field has completed testing in Houston and is en route for installation and commissioning aimed at easing pipeline backpressure and stabilizing output. On its oil portfolio, Touchstone drilled the FR-1835 well on the WD-8 block ahead of schedule with about 290 feet of net pay identified, spudded a second well in a four-well campaign, and plans further drilling on the WD-4 block, underlining a balanced push to enhance both gas and oil production in Trinidad.
More about Touchstone Exploration
Touchstone Exploration is a Calgary-based oil and gas producer focused on acquiring, developing and operating onshore petroleum and natural gas assets in Trinidad and Tobago. The company generates revenue from natural gas, condensate and crude oil production, with its shares listed on the Toronto Stock Exchange and London’s AIM market under the symbol TXP.
Find detailed analytics on TXP stock on TipRanks’ Stock Analysis page.