Touchstone Exploration Inc - Calgary, Canada-based upstream oil and gas company - Petroleum sales for 2021, rises 51% to USD29.6 million from USD19.6 million the year before, leading to net earnings of USD5.7 million, swinging from a loss of USD11.0 million.
Average daily oil output however declines 4% to 1,342 barrels per day from 1,392 barrels. The Brent benchmark price hikes 69% to USD70.86 from USD41.96 in 2020.
"Building on our operational and financial momentum generated in 2021, our near-term priority is to bring our Coho and Cascadura exploration discoveries onto production. With the extension of the operating agreements on our legacy assets and the five year extension of the exploration period of our Ortoire licence, we are able to prioritize and allocate future capital expenditures on projects that provide the best economic return," says Chief Executive Officer Paul Baay.
Current stock price: 84.65 pence, up 12%
12-month change: down 37%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Touchstone Exploration (TXP)