Touchstone Exploration reports Robust Q1 Performance and Major Strategic Acquisition

Touchstone Exploration Inc (LON:TXP) disclosed its financial and operational results for the first quarter ending March 31, 2024, and provided an operational update.

Key Highlights:

Production and Financials: The company achieved an average quarterly production of 7,015 boe/d, marking a 228% increase from the same period in 2023, primarily driven by the Cascadura field. Touchstone Exploration reported $16.6 million in petroleum and natural gas sales, with an operating netback of $10.5 million, and net earnings of $3.6 million.

Operational Activities: The company focused on drilling operations, successfully drilling and casing wells, including the CO-375 development well. Additionally, significant progress was made in infrastructure development to connect new wells to the Cascadura natural gas facility.

Strategic Developments: An agreement for an all-share acquisition of Trinity Exploration and Production Plc was reached, aimed at providing increased scale and flexibility for future capital programs.
Financial Position: The company exited the quarter with a cash balance of $9.5 million and a net debt of $27.6 million, reducing the net debt to annual funds flow from operations ratio to 1.45 times.

Management Update: Brian Hollingshead was promoted to Executive Vice President, Engineering and Business Development, while James Shipka’s title was updated to Executive Vice President, Asset Development and HSE.

Outlook: The 2024 capital program is progressing with expected production increases in the fourth quarter, pending infrastructure completion. Touchstone Exploration is also exploring a potential stimulation program for the Cascadura field to optimise recovery rates.

The next Annual Meeting of Shareholders is scheduled for June 19, 2024, and management remains optimistic about the company’s future growth and operational efficiency.

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

Natural gas prices surge amid European negotiations

Natural gas prices (XNG/USD) surged higher on Tuesday, approaching a new yearly high. This uptick comes as Europe deliberates on maintaining gas flows via Ukraine for the next year and amidst an increase in supply from

Touchstone Exploration

Natural Gas for a Sustainable Future

Natural gas has become an integral part of the global energy landscape, offering a multitude of benefits that extend beyond just being a source of fuel. As the world grapples with the need for sustainable and

Touchstone Exploration

Touchstone acquires Trinity Exploration in $30.1m all-stock deal

Touchstone Exploration has agreed to acquire Trinity Exploration and Production, a crude oil exploration, development and production company operating in Trinidad and Tobago, in an all-stock deal worth around $30.1m. Trinity Exploration and Production holds producing

Touchstone Exploration

Touchstone Exploration increases funding facility

Touchstone Exploration Inc (LON:TXP) has announced that, further to the announcement on March 4, 2024, Touchstone Exploration (Trinidad) Ltd., our wholly owned Trinidadian subsidiary, has entered into the third amended and restated loan agreement with our Trinidad

Touchstone Exploration

Touchstone adds wells into Ortoire and CO-1 blocks

Touchstone Exploration Inc. has drilled wells into Ortoire and CO-1 blocks onshore Trinidad and Tobago and expects to test wells in Cascadura field later in the year. Cascadura-3ST1 delineation well was spudded on Mar. 4, 2024,

Touchstone Exploration

Natural Gas price surges on supply decline forecast

Natural Gas (XNG/USD) price soars higher on Tuesday after a stellar performance on Monday, trading up nearly 3% for the week. The move comes as Bloomberg forecasts a decline in Gas supply by 4% in the coming weeks