Touchstone Exploration Inc (LON:TXP) has announced 2024 year-end reserves.
Touchstone’s independent reserves evaluation was prepared by GLJ Ltd. (GLJ) with an effective date of December 31, 2024. Highlights of our total proved developed producing (PDP), total proved (1P), and total proved plus probable (2P) reserves from the Reserves Report are provided below. Unless otherwise stated, all financial amounts referenced herein are stated in United States dollars. Readers are further cautioned to read the applicable advisories contained herein.
Paul Baay, Touchstone Exploration President and Chief Executive Officer, commented:
“Our year-end 2024 reserves report highlights the substantial potential of our asset base in Trinidad with the NPV10 of future net revenues of 2P reserves valued at approximately $671 million and $309 million on a before tax and after-tax basis, respectively. The combination of our base crude oil production and the early-stage development of our natural gas properties supports our ongoing transition from an exploration-driven company to one focused on predictable production growth.
The reserve estimates for this year reflect a material balance assessment approach based on the data collected at Cascadura. This revised methodology, compared to the previous volumetric interpretation, aligns reserve estimates with our forecasted production curves.
The addition of light oil reserves from the Cascadura-3ST1 discovery underscores the significant potential of this emerging play. While the current reserves include a limited number of future crude oil drilling locations, we plan to expand this potential through further delineation and development in the Rio Claro block.
A key highlight of the year is the previously announced acquisition of Shell Trinidad Central Block Limited, which provides access to the lucrative Trinidad liquefied natural gas market. Notably, our year-end 2024 reserves report does not reflect any additional reserves from the proposed acquisition. An independent evaluation of the acquired reserves will be provided following the expected completion of the proposed transaction.“
