Touchstone Exploration Releases 2018 Results

Touchstone Exploration (TSX:TXP, LSE:TXP) has released its financial and operating results for the last three months and full-year of 2018.

As quoted from the press release:

Selected financial and operational information is outlined below and should be read in conjunction with Touchstone’s December 31, 2018 audited consolidated financial statements, the related Management’s discussion and analysis and the Annual Information Form, all of which will be available under the company’s profile on SEDAR and the company’s website.

Paul Baay, President and CEO, commented: “I am pleased to announce that we have delivered a substantial increase in all key performance indicators in 2018, which was a direct result of the hard work and determination demonstrated by our team during a busy operational period. Touchstone became the most active onshore upstream company in Trinidad, as we expanded our original drilling program and hit our initial production milestone of 2,000 bbls/d. We also displayed financial and operational discipline during 2018, allowing us to achieve a 53 percent annual increase in operating netback.” “Following the £3.8 million private placement post year-end, Touchstone is funded to commence drilling the first exploration well on our Ortoire block where there is a significant opportunity to achieve a step-change in future reserves and production. We will take a measured approach to our 2019 capital drilling program as we focus on our exploration opportunities.”

Highlights

• Achieved annual average crude oil production of 1,718 barrels per day (“bbls/d”), a 25 percent increase relative to the average 1,375 bbls/d produced in 2017.

• Executed a C$19,064,000 development program to drill 11 successful wells, complete nine wells, and perform 28 well recompletions.

• Increased petroleum sales 53 percent from the prior year, generating C$48,933,000 versus C$32,020,000 in 2017.

• Realized an operating netback of C$34.58 per barrel, an increase of 53 percent from the C$22.56 per barrel generated in 2017.

• Reduced per barrel operating costs by 4 percent and general and administrative expenses by 3 percent from the prior year.

• Generated funds flow from operations of C$10,797,000 (C$0.08 per share) compared to C$3,110,000 (C$0.03 per share) realized in 2017.

Click here to read the full announcement