Touchstone Exploration reports Positive Q1 Results and Operational Update

Touchstone Exploration Inc (LON:TXP) has reported its financial and operating results for the three months ended March 31, 2024 and provides an operational update.

Paul R. Baay, President and Chief Executive Officer, commented:

We are pleased to announce positive first quarter 2024 results during what has been a very busy time for the Company. Since coming onstream in September 2023, the Cascadura field has transformed Touchstone both operationally and financially, having contributed an estimated $20 million in operating netbacks, ahead of tying in the two further successfully drilled development wells from the surface location. Initial decline rates on our two producing Cascadura wells have been steeper than we first expected but we are learning more about the reservoir for further exploitation. We are maintaining our full year guidance given production increases are heavily weighted towards the fourth quarter of 2024.

As announced on May 1, 2024, we were delighted to reach an agreement with the Board of Directors of Trinity Exploration and Production Plc on the terms of a recommended all-share acquisition. We believe the benefits of the proposed transaction will provide further scale and strength to Touchstone in addition to growth opportunities that will be driven by the increased production of the two companies. We are excited at the greater flexibility such a deal would give us around future capital programs, in addition to allowing us to potentially accelerate our development plans.

We look forward to updating shareholders on our ongoing operating and corporate workstreams in due course.

Click to view all articles for the EPIC:
Or click to view the full company profile:
Facebook
X
LinkedIn
Touchstone Exploration

More articles like this

Touchstone Exploration

Potential upswing ahead for Natural Gas prices

Yesterday, natural gas prices experienced a marked correction, driven primarily by a consolidation in the stochastic oscillator, which remained below the 50 level. This downward movement has now brought prices near an additional support level at

Touchstone Exploration

Understanding natural gas and its formation

Natural gas is a fossil fuel that plays a significant role as an energy source. Its primary component is methane, a chemical compound made of one carbon and four hydrogen atoms (CH4). Additionally, natural gas contains

Touchstone Exploration

Natural Gas prices reach highest point in three months

Natural gas prices have recently experienced a significant rise, with Friday’s trading marking the highest levels since late June. This upward movement comes as a notable rebound from the lows observed in August, indicating a strong

Touchstone Exploration

Why choose Trinidad for oil and gas investment?

Trinidad, a vibrant Caribbean island, is approximately 5,000 square kilometres in size and lies just northeast of Venezuela, separated by a narrow strait less than 11 kilometres wide. Geographically, it sits within the vast Venezuela Basin,

Touchstone Exploration

Energy demand and innovation

The oil and gas sector continues to play a crucial role in the global energy landscape, despite increasing emphasis on renewable sources. With the world’s energy needs steadily rising, the demand for hydrocarbons remains strong, particularly

Touchstone Exploration

Advantages of natural gas for your home or business

Natural gas provides a reliable, continuous energy source that enhances comfort and efficiency. Its consistent supply ensures your home remains warm and inviting, with a uniform temperature throughout. Enjoy uninterrupted hot water whenever you need it,

Touchstone Exploration

Natural gas could be the key to powering data centres

Amid the surging demand driven by artificial intelligence, natural gas is emerging as a potential solution to the power challenges faced by data centres. Goldman Sachs has projected that the United States alone will require an

Touchstone Exploration

Ukrainian seizure of pipeline spikes gas prices

Ukrainian forces have taken control of a critical section of the natural gas pipeline in Sudzha, a Russian border town in the Kursk region. The conflict in the area has been ongoing for three days. The

Touchstone Exploration

Trinidad & Tobago: A thriving hub for oil and gas industry

Trinidad & Tobago has long been recognised as a pivotal player in the global oil and gas industry. With its rich natural resources and strategic geographical location, the nation continues to attract significant investments and development

Touchstone Exploration expands Trinidad & Tobago operations

Touchstone Exploration, an independent company based in Calgary, has advanced towards exploring two additional blocks in Trinidad & Tobago. This Caribbean nation is a crucial area for the London-listed company, which began gas production at its