Canadian oil and gas company Touchstone Exploration Inc has released the findings of an independent year-end evaluation which shows that the company is defining new reserves in T&T faster than it can extract them.
Touchstone, which is active in onshore properties in T&T, said its proved plus probable reserves in this country increased by 679 millions of barrels (mbbls) or 4.6 per cent after production to 15,465 mbbls, all of which was oil.
Annual production from the Trinidad operations totalled 573.2mln barrels, equivalent to 1,570 barrels per day, while sales averaged 1,600 per day during the 2015 fiscal year.
The company replaced 219 per cent of 2015's production from Trinidad, with 1,252mln barrels of proved plus probable reserve additions.Shares in Touchstone currently trade at around 18 cents in Toronto.
