IN BRIEF: Touchstone Exploration loss widens amid lower oil price

Touchstone Exploration Inc - Calgary, Canada-based oil and gas company focused on Trinidad & Tobago - Net loss in the first quarter of 2023 widens slightly as price received nearly halves. Net loss increases to USD279,000 from USD236,000 a year ago. Average daily output grows 53% to 2,139 barrels of oil equivalent from 1,396. However, realised commodity price plunges 47% to USD44.03 per barrel of oil equivalent from USD83.55. As a results, petroleum and natural gas sales revenue declines by 19% to USD8.5 million from USD10.5 million. Looking ahead, expects second production test of Royston-1X sidetrack well in Trinidad to start late this month.

Current stock price: 59.78 pence, down 0.4% on Friday

12-month change: down 30%

By Tom Budszus, Alliance News reporter

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Touchstone Exploration