LONDON (Alliance News) – Oil & gas company Touchstone Exploration Inc said on Monday said it saw an increase in average daily oil production for the second quarter of the year, but a reduction in average prices.
Average daily oil production for the three months ended June 30 was 1,335 barrels per day, up by 4% from 1,280 barrels produced in the last quarter, however realized pricing was USD45.51 per barrel, down by 6% from USD48.20 per barrels in the first quarter of 2017.
The reason for the decrease in pricing was due to an 8% decrease in the Brent reference price over the period, and a reduction in the realized Brent reference differential from 10% to 8%.
Brent crude oil is the primary benchmark for international oil prices, being the price reference for two-thirds of the world’s traded oil volume. It was quoted at USD48.90 a barrel on Monday afternoon.
Also in the second quarter, Touchstone completed the drilling of two wells CO-368 and CO369 on the Coora 1 property in Trinidad. CO-368 has produced an average daily oil production of 111 barrels per day over the first 26 days, and CO-369 151 barrels of oil a day over the first 17 days.
In the Grand Ravine WD-4 block, Touchstone has spud the PS-598 and PS-599 well, drilled to a total depth of 7,340 feet and 6,926 feet respectively, producing a combined net oil pay of 637 feet.
Shares in Touchstone Exploration were up 1.3% at 8.10 pence on Monday.
By Dayo Laniyan; email@example.com
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