Touchstone Exploration swings to loss and cuts output view

(Alliance News) - Touchstone Exploration Inc on Thursday reported a swing to a first-half loss, lowered its annual production guidance and raised its forecasts for capital spending and net debt following the USD28.4 million acquisition of Shell Trinidad Central Block Ltd.

The onshore oil and gas producer in Trinidad said it recorded a USD1.3 million pretax loss in the six months to June 30, compared with a USD7.2 million profit a year before. Petroleum and natural gas sales fell 28% year-on-year to USD22.1 million, with revenue down to USD16.7 million from USD23.5 million.

For 2025, Touchstone now expects average production of 5,300 to 5,900 barrels of oil equivalent per day, about 20% below its prior guidance, and has halved its funds-flow-from-operations forecast to USD11.0 million.

Capital expenditure guidance is raised to USD28.0 million from USD23.0 million, while forecast year-end net debt rises to USD64.0 million from USD30.0 million previously.

The production cut reflects the acquisition and a revised drilling programme, with two planned Cascadura development wells replaced by one well on the Central block and two at the WD-8 property.

Shares in Touchstone Exploration closed 11% lower at 14.25 pence in London on Thursday.

By Eva Castanedo, Alliance News reporter

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