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(Alliance News) - Touchstone Exploration Inc on Friday reported a first half fall in output and realised brent prices.
In the six months to June 30, Touchstone swung to a pretax loss of USD21.9 million from a USD3.5 million profit.
This was on revenue which fell by 50% to USD7.6 million from USD15.1 million.
"The second quarter of 2020 was an extremely challenging period for the oil and gas sector, as declines in demand caused by the Covid-19 outbreak resulted in global oversupply and volatile crude oil prices," Touchstone said.
The company has oil producing assets in Trinidad. Average daily production in the first half was down 23% to 1,493 barrels of oil per day from 1,944 bopd.
The realised sales price dropped 35% to USD38.25 a barrel from USD58.91.
"Ongoing weakness in commodity prices resulting from Covid-19 impacts on demand and market volatility may adversely impact our future financial and operational results. With market conditions changing rapidly, there continues to be significant uncertainty around the potential effect this could have on Touchstone's operations and results, which could be material," Touchstone said.
Touchstone shares were 1.4% lower at 73.99 pence each in London on Friday morning.
By Eric Cunha; ericcunha@alliancenews.com
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