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Touchstone Exploration reveals strong revenue growth

The Trinidad firm has been ramping up production and the first quarter showed a major improvement from the comparative period in 2017
oil and gas operations
Production increased 21% to 1,543 bopd

Touchstone Exploration Inc (LON:TXP, CVE:TXP) financial results for its first quarter revealed some US$7.42mln of revenue, up around 50% from the same period in 2017.

The company’s production, up 21% to 1,543 bopd, saw a realised net back of US$33.53 per barrel which was a 42% improvement from the 2017 comparative. Delivered funds flow from operations amounted to US$2.6mln, up significantly from the US$393,000 generated in the comparative period.

Earnings totalled US$125,000, versus a US$393,000 loss.

It ended the period with US$9.26mln of debt.

WATCH: Touchstone Exploration ' comfortably ahead of production expectations'

In a separate statement, yesterday, the Trinidad based firm told investors that first quarter production averaged 1,543 barrels of oil per day. Output continued to ramp-up, with the rate rising to 1,669 bopd for the month of April and, currently, it measures around 1,772 bopd.

Touchstone highlighted in a statement the completion of the first five wells of this year’s drill programme - two of which are now ‘on stream’ for production and the other three are due to start in the current quarter.

The drilling has to date satisfied the minimum obligations tied to the Coora and WD-4 licences, and additionally the company added that it is ‘current’ on its WD-8 licence.

"The first five wells of 2018 have been successfully drilled. With the promising net pay indicated on the logs, we expect to have the potential for significant production coming on stream as the wells are completed,” said Paul Baay, Touchstone chief executive.

“We are excited to see the stabilised production results from these wells as we accelerate to our target of 2,000 barrels per day. We are pleased with the momentum achieved with the 2018 drilling campaign to date, and increased realised oil pricing has allowed us to be more profitable on a per barrel basis."

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