viewTouchstone Exploration Inc

Touchstone Exploration Inc says its operating from a ‘comfortable financial position’

With stable production and comfortable finances the Trinidad-based oil firm is looking to its exploration programme in the Ortoire block.

Touchstone Exploration Inc -
Touchstone generated US$1.31mln for the quarter

Touchstone Exploration Inc (LON:TXP, TSE:TXP), in its second quarter results, highlighted average crude sales of 1,768 barrels of oil per day, marking 3% growth on the comparative three months of 2018.

It means that the average for the first half of Touchstone’s financial year is marked at 1,944 bopd, which equates to 19% growth on last year. The operating ‘net back’ was stated at US$26.85 per barrel in the second quarter, and US$28.20 for the six months.

Sales generated US$1.31mln for the quarter and US$3.74mln for the six month period. The Trinidad-based producer exited the period with US$7.25mln of cash and had US$10.01mln of net debt.

Operationally, the present focus is on a new phase of exploration, with the Coho exploration well spudded recently at the Ortoire block.

"Touchstone continues to operate from a comfortable financial position, with stable operating netbacks and positive cash flows,” said Paul Baay, chief executive.

“Following the spudding of our Coho-1 well last week, we are fully focused on progressing our Ortoire block exploration drilling programme.

“Last week's announcement represents the start of a potentially transformational period in the company's history, and we look forward to updating the market on the Coho-1 well results over the course of the next two months."

Quick facts: Touchstone Exploration Inc

Price: 74.5 GBX

Market: AIM
Market Cap: £137.2 m

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