Touchstone Exploration Inc (AIM:TXP, TSX:TXP, OTC:PBEGF) has confirmed that its sales rose and debt fell in the full-year to December 31, 2022, while average daily production also grew.
The AIM-listed firm reported a 45% increase in sales to US$42.9mln, up from US$29.6mln a year earlier, alongside a 20% reduction in debt to US$16mln.
Average daily production was up 18%, hitting 1,581 barrels of oil equivalent, after it began producing from its Coho facility in October. This was the first onshore natural gas field to come onstream in Trinidad in 20 years, the Calgary-based oil and gas firm added.
Cash from operating activities grew by 257% to US$5.8mln from US$1.6mln, and capital expenditure fell by 59% to US$11.3mln, from US$27.9mln in 2021.
Touchstone did report a US$3.2mln loss, having scored earnings of US$5.7mln the year before, explaining that this was due to US$6.3mln in impairment reversals over a forecasted increase in crude oil prices, with December 2021’s price being almost US$5 per barrel higher than Friday’s US$70, as per Trading Economics data.
This equated to loss of US$0.01 per share, the exploration firm added, with earnings per share having been US$0.03 in 2021.
Looking ahead, Touchstone said it expects to complete work on its Cascadura facility before June 30, 2023, when partner The Natural Gas Company of Trinidad and Tobago expects to be able to receive gas from the plant.
It is also awaiting regulatory approval for an asset exchange agreement “for certain onshore Trinidad assets” with a private Trinidadian firm, the company added.