Touchstone Exploration first half figures fall on lower oil production

(Alliance News) - Touchstone Exploration Inc on Friday said revenue was down in the first half as oil production fell.

The Calgary, Canada-based oil and gas company focused on Trinidad & Tobago reported revenue of USD15.7 million in the first half of 2023, falling from USD23.1 million the year prior. The firm attributed the fall in revenue to the decrease in both oil production and oil prices, offsetting USD811,000 natural gas sales.

Touchstone noted that the average realised commodity price dropped to USD43.64 per barrel, from USD90.61 during the first half a year ago.

The firm said pretax loss was USD785,000, swinging from a pretax profit of USD2.2 million a year ago.

During the period, the firm said average daily production rose to 1,982 barrels of oil equivalent per day, from 1,408 barrels a year ago.

Chief Executive Paul Baay said: "I am pleased to provide an update on our financial and operational results for the second quarter of the 2023 financial year. The results come as we continue to focus our efforts on the commissioning of the Cascadura facility and completing production testing at Royston-1X. We look forward to providing shareholders with further updates in the near term."

Touchstone shares fell 2.9% to 80.57 pence each on Friday morning in London.

By Harvey Dorset, Alliance News reporter

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