The flow rate of the Coho-1 well was 46 million cubic feet of gas per day, the equivalent of 7,671 barrels of oil, though initial production rates are expected to be ‘choked back’ to 10-12 million cubic feet per day, or between 1,667-2000 barrels of oil equivalent.
Touchstone says Coho-1 will “materially contribute” to its near-term growth, with CEO Paul Baay estimating that the well will add 50% to the company’s production base once it is up and running.
Analysts at the firm’s house broker Shore Capital are similarly upbeat, predicting “significant production growth next year”.
The bumper results sent the shares gushing 40% higher in the week to 19p.
The AIM All-Share was up 2.5% at 941 over the same period, while the FTSE 100 was 3.1% higher at 7,584.
A fellow oiler on the rise this week was Prospex Oil and Gas PLC (LON:PXOG), which flowed 23% higher to 0.1p after agreeing to acquire a 49.9% stake in the El Romeral gas power station in southern Spain.
El Romeral consists of an 8.1 megawatt power station as well as three wells supplying gas to the plant.
Plans to float on the US ‘venture market’ OTCQB sent shares in polymer specialist Itaconix PLC (LON:ITX) surging 14% to 1.7p in the week. The company said the move will simplify the trading process for potential US investors, enabling them to trade shares in US dollars in their time zones.
The company, which provides services to remote locations in Africa and the Middle East, also said it had been awarded the second phase of a $10.9 million contract to help construct a US embassy in East Africa.
Elsewhere, it was a blockbuster return from suspension for Alexander Mining PLC (LON:AXM), which rocketed 81% higher to 0.05p after revealing details of its proposed £6.6 million reverse takeover by eLight, a company that provides commercial customers with immediate energy and cost reductions with zero upfront investment.
Among the fallers, recruiter Staffline Group PLC (LON:STAF) plunged 18% to 90p following the sudden departure of its chief executive, Mike Watts, with the company providing no reason for the abrupt exit.
Biotech Silence Therapeutics also saw the departure of its CEO, David Horn Solomon send the shares down 17% to 438p.
In a separate announcement, Silence said a bankruptcy motion had been filed in Denmark against Horn Solomon arising from his time as managing partner of Sund Capital from 2016 to 2018, although the group stressed that it was a personal matter and “entirely unrelated” to the company.
Political uncertainty in the UK forced a profit warning from mobile computing specialist Touchstar PLC (LON:TST), which tumbled 11% to 32p after it said full-year revenues are set to be at the lower end of expectations at £7mln as clients delayed orders.
It was a similar excuse from industrial engineering firm 600 Group PLC (LON:SIXH), which sank 18% to 16p as macro-economic and political uncertainty meant its order intake for the fourth quarter was well below predicted levels, and as a result, its results for the full year will be “significantly below…previous expectations”.
Meanwhile, software firm Techfinancials Inc (LON:TECH) declined 6% to 0.8p as it called shareholders to a meeting to discuss a delisting from the AIM market as it prepares to transfer to the NEX exchange to develop its new blockchain-based businesses.