(Alliance News) - Shares in Touchstone Exploration Inc dropped on Thursday as it swung to a loss for the third quarter of 2019 due to lower oil production and prices.
Shares in the Trinidad & Tobago-focused oil & gas company - which is headquartered in Calgary, Canada - were 13% lower at 10.70 pence on Thursday in London.
For the three months to the end of September, Touchstone Exploration achieved average crude oil production of 1,729 barrels per day, down 2% from 1,758 barrels in the same period a year before.
On a nine-month basis, however, average production was up 12% to 1,871 barrels per day.
The Brent benchmark oil price in the quarter dropped to USD61.95 per barrel from USD75.10 a year prior. Brent was quoted at USD63.10 a barrel midday Thursday in London.
Touchstone Exploration's net loss for the quarter was CAD1.1 million, around USD793,816, swinging from a profit of CAD199,000 a year before, as petroleum sales dipped by 9% to CAD9.0 million from CAD9.9 million.
Operating netback per barrel for the period stood at CAD24.56 per barrel, down 13% from CAD28.39 the prior year.
Post-period, Touchstone's crude oil sales volumes were 1,781 barrels per day, at an average realised price of USD56.11 per barrel.
The company has completed the primary target in the Coho-1 exploration well on the Ortoire block, onshore Trinidad, and is rigged up to start production testing, which is set to be completed next week.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Touchstone Exploration (TXP)