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.