Touchstone Exploration Inc. has released its financial and operating results for the three months and year ended December 31, 2023. The company reported significant achievements and milestones in its annual performance.
In the fourth quarter of 2023, Touchstone said it saw notable financial and operational highlights. Its average quarterly production surged by 151% to 8,504 barrels of oil equivalent per day (boe/d), with 79% attributed to natural gas, reflecting a full quarter of Cascadura production volumes.
Touchstone Exploration in deal for exchange of onshore assets in T&T | OilNOW
Touchstone commissioned and achieved first natural gas and associated liquids production from the Cascadura facility on September 6, 2023. It delivered average daily production volumes of 3,981 boe/d, marking a 152% year-over-year increase. Touchstone said it generated funds flow from operations of US$13,730,000 and an annual operating netback of US$26,220,000. The company executed an incident-free US$18,949,000 capital program, primarily focused on completing the Cascadura natural gas facility and drilling and testing the Royston-1X exploration well. It also reduced net debt to US$22,581,000, resulting in a reduced net debt to annual funds flow from operations ratio.
Throughout 2023, Touchstone said it prioritized responsible operations, with one lost time injury and the release of its third environmental, social, and governance report encompassing the 2022 year.
Paul Baay, President and Chief Executive Officer commented on the company’s performance, stating, “The transformational increase in production through the final months of 2023 reflects the commencement of production at our Cascadura field. We continue to expect to bring the additional Cascadura wells on stream late in the third quarter of 2024 once the tie-in pipeline to our production facilities is completed.”
He said the company is confident that 2024 will be another period of significant operational development and look forward to updating stakeholders on its progress.
