logo-loader
viewTouchstone Exploration Inc

Touchstone Exploration reveals higher production and revenue for first quarter

It showed a better performance than the same quarter a year ago, though tax changes impacted profitability.

oil and gas operations
Production averaged 2,121 bopd in Q1

Touchstone Exploration Inc (LON:TXP) told investors that production in the first quarter averaged 2,121 barrels per day.

That represents a 37% improvement on the comparative period of 2018, and, a 15% rise on the preceding quarter.

The Trinidad focused company, in its quarterly results, reported US$11.01mln of realised petroleum sales marking a 34% increase from 2018’s first quarter. It generated US$29.35 per barrel, an 11% increase in the operating netback.

WATCH: Touchstone Exploration gearing up to spud first Ortoire well in June

It brought in US$2.43mln of funds from operations, while in its financial results it recognized a net loss of US$185,000 reflecting increases in supplemental petroleum tax expenses.

In April, production averaged 1,789 bopd with the decline due partially to natural decline and downtime for two higher productive wells.

The company is also presently preparing for an exploration programme, at the Ortoire project.

It is expected that a well will be spudded in June, subject to rig availability, and, another well is planned to follow using the same rig.

Quick facts: Touchstone Exploration Inc

Price: 23.977 GBX

AIM:TXP
Market: AIM
Market Cap: £38.53 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Touchstone Exploration Inc named herein, including the promotion by the Company of Touchstone Exploration Inc in any Content on the Site, the...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Positive update on Cascadura for Touchstone Exploration

Touchstone Exploration (LON:TXP)says that the first stage of testing at the Cascadura-1ST1 well, at the Ortoire exploration project in Trinidad, has been suspended so the company can source alternative equipment capable of handling higher volumes of both natural gas and liquids. CEO Paul Baay...

20 hours, 11 minutes ago

2 min read