What have been your main activities since 2017?
In 2017 and 2018, we drilled 15 development wells on ou8r four lease ownership blocks. All of the wells drilled were successful. We went from roughly 1,300 bopd, peaked at 2,200bopd and we are currently producing approximately 1,700 bopd. Each development well costs about USD 1 million. In 2019, we drilled no development wells.
Our agreements with Petrotrin, which is now Heritage, were coming up to their five-year renewal, and it did not make sense to spend lots of capital on the development side not knowing what the exact terms of the renewal would be. Rather, we used that cash to focus on our exploration programme.
Touchstone Exploration Inc (LON:TXP) is a Canadian-based, international upstream oil and gas company currently active in the Republic of Trinidad and Tobago.