• Ticker: TXP
  • Last: $0.155
  • Vol: 3650
  • Chg: +0.005
Last update: 7/21/2017 3:36pm EDT

Operations

Operations

Touchstone has been producing oil in Trinidad since 2010 and is now one of the largest onshore independent oil producers in the country. The Company holds interests on producing and exploration properties in southern Trinidad. All producing properties are operated by Touchstone; a full schedule of our producing assets are set out in the table below:

Summary of Producing Properties

Gross Reserves (Mbbl)
Properties Working Interest Lease Type Average Daily Production (bbls/d) Gross Acres Total Proved* Total Probable* Total Possible* Total Proved + Probable + Possible*
Coora (Block 1 & 2) 100% LOA 211 1,699 2,782 1,681 1,025 5,488
WD-4 100% LOA 495 700 2,232 1,639 1,465 5,336
WD-8 100% LOA 270 650 2,197 2,190 1,285 5,672
Fyzabad 100% Crown and Private 162 564 1,106 700 570 2,376
Barrackpore 100% Freehold 46 211 126 124 105 355
Icacos 50% Freehold 12 1,947 42 14 10 66
New Dome 100% Farmout 20 69 89 28 38 155
Palo Seco 100% Crown 15 499 155 66 37 258
San Francique 100% Freehold 64 1,351 242 279 139 660
South Palo Seco 100% Farmout 6 2,019 6 0 3 9
                 
TOTAL 1,301 9,709 8,977 6,721 4,677 20,376

The Company’s core focus is on developing production on its four onshore lease operatorship properties (Coora Block 1 & 2, WD-4 & WD-8) and its Fyzabad onshore property. The Company also has interests in a number of small undeveloped exploration properties and two larger exploration blocks. The Company’s exploration and undeveloped blocks consist of approximately 80,250 gross acres.

* The reserves information above summarizes certain information from the Company’s Reserves Report and Competent Person’s Report prepared by Touchstone’s independent reserves evaluator, GLJ Petroleum Consultants Ltd. (“GLJ”), both with an effective date of December 31, 2016. Both reports were prepared in accordance with definitions, standards and procedures contained in the Canadian Oil and Gas Evaluation Handbook and National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities (“NI 51-101”). The disclosure above represents only a portion of the disclosure required under NI 51-101. Full disclosure with respect to the Company’s reserves as at December 31, 2016 is contained in the Company’s Annual Information Form for the year ended December 31, 2016 dated March 21, 2017.

The recovery and reserves estimates of crude oil provided herein are estimates only, and there is no guarantee that the estimated reserves will be recovered. Actual crude oil reserves may be greater than or less than the estimates provided herein. The reserves evaluator forecasts reserve volumes and future cash flows based upon current and historical well performance through to the economic production limit of individual wells. Notwithstanding established precedence and contractual options for the continuation and renewal of the Company’s existing operating agreements, in many cases the forecast economic limit of individual wells are beyond the current term of the relevant operating agreements. There is no certainty as to any renewal of the Company’s existing operating arrangements.

Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves.