Touchstone Exploration Inc (AIM:TXP, TSX:TXP, OTC:PBEGF), the Trinidad and Tobago-focused E&P, looks to have a busy work schedule planned for the coming weeks and months.
In an update alongside first-quarter results, the group said construction of the Cascadura C surface location is complete, paving the way for its first development well.
Meanwhile, a second production test of Royston-1X is expected to begin late this month.
Touchstone saw a 53% year-on-year increase in output to 2,139 barrels of oil equivalent a day in the three months ended 31 March 2023.
Realised sales from the Trinidad and Tobago-focused producer fell 19% to US$8.5mln - a function of declining crude prices. The operating ‘netback’ was US$3.65mln.
The company exited the period with a cash balance of just under US$11mln, a working capital deficit of US$4.4mln and net debt of US$23.8mln.