Touchstone Exploration’s 2024 results mark a pivotal leap in the company’s evolution, with record-setting production and a sharp return to profitability capturing investor attention. Fueled by the full-year contribution of the Cascadura field, the company is now poised to accelerate its production momentum with infrastructure firmly in place and expansion well underway.
Touchstone Exploration Inc. has delivered a standout performance in 2024, marked by record annual production and a return to positive earnings, signalling a powerful comeback from the previous year’s losses. At the core of this performance is the Cascadura field, which played a central role in driving growth. With an 80% operating working interest in the asset, Touchstone has maximised value from this prolific natural gas field, which lies within the Ortoire block onshore Trinidad and Tobago. The full-year impact of Cascadura production enabled the company to achieve an average output of 5,734 barrels of oil equivalent per day—up 44% from 2023. Natural gas production reached 26.3 million cubic feet per day, complemented by 1,352 barrels per day of crude oil and NGLs.
Petroleum and natural gas sales rose to US$57.47 million, a 19% year-on-year increase, with net earnings of US$8.27 million compared to a net loss of over US$20 million the year prior. Strategic capital deployment totalled US$23.68 million, including the drilling and completion of two wells at the Cascadura C pad and the installation of a new gas separator. With the majority of necessary infrastructure now commissioned, the company is shifting its focus from drilling to rapid production scaling. Fourth-quarter activity maintained momentum, with production averaging 5,287 boe/d and US$13.54 million in sales, despite a minor net loss driven by non-cash impairment and depletion costs.
Beyond operations, Touchstone strengthened its future growth pipeline by expanding its Trinidad onshore acreage by 103,000 acres and announcing a proposed acquisition of a local gas entity. This deal would bring in four producing wells and a gas processing facility with capacity of 80 MMcf/d, enhancing the company’s production base and processing capabilities.
Touchstone Exploration Inc (LON:TXP) is a Canadian-based, international upstream oil and gas company currently active in the Republic of Trinidad and Tobago. Primera Oil and Gas is the Trinidadian subsidiary of Touchstone.
