8th Mar 2018 10:57
Touchstone shares were trading at
Touchstone's proved reserves at December end increased by 20% year-on-year to 10.7 million barrels of oil equivalent, made up of 9.4 million barrels of light and medium oil and 1.3 million barrels of heavy oil.
Proved plus probably reserves rose 18% to 18.5 million barrels of oil equivalent, while total proved, probable, and possible reserves were at 24.5 million barrels of oil equivalent.
The net present value of future net pretax revenue at December 31 was
Its asset base remains "conservatively" booked, Touchstone said, with proved reserves assigned 62 drilling site and proved plus probably 90, out of the company's 208 drilling locations identified, meaning there is scope for potential increases.
Touchstone's assets cover a number of producing and exploration sites in south
Chief Executive Paul Baay said: "The updated reserves report confirms the large reserve base consolidated by the company and the opportunity to significantly increase production over the near term.
"With 208 drilling locations identified by management and only 90 locations booked in the report, the team remains conservative on the potential upside of the asset base. With the current drilling and re-completion program the company expects to rapidly convert reserves into production, cash flows and earnings."
Results for 2017 are scheduled for release on March 27.
Related Shares:
Touchstone Exploration