Touchstone Exploration saw revenues jump 65% in its latest quarter as it reaped the benefit of higher crude prices.
Petroleum sales in the three months to end-June 2022 were US$12.6mln, up from US$7.6mln a year earlier, even though production was up only 1% at 1,420 barrels per day.
The proportion of sales accruing to Touchstone (netback) rose 71% to almost US$45 a barrel.
Losses for the quarter were US$262,00, which included US$540,000 for cleaning up after vandalism at one of its sites.
Paul Baay, chief executive, said: “Our Trinidad team successfully implemented our emergency response plan in response to the vandalism at Fyzabad which had a minimal impact to the environment and residents affected in the area but resulted in reclamation costs which we fully accrued for in the quarter.”
Baay added: "This quarter represents the end of an era for the company as a pure crude oil producer in Trinidad with the next quarter seeing a transition to a combination of oil and natural gas production from our Coho-1 gas well.
“Our team has maintained base production while remaining focused on our Coho and Cascadura projects including associated commissioning operations and regulatory approvals, which are both progressing.”
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