Touchstone Exploration Reports Reduced Annual Loss As Revenue Grows

27th Mar 2018 13:44

LONDON (Alliance News) - Touchstone Exploration Inc on Tuesday reported a strong increase in petroleum revenue in 2017 as well as a significantly reduced net loss in its first results as a public company.

Touchstone, which has a series of producing and exploration assets in Trinidad, listed on London' AIM market in June last year.

Petroleum revenue increased by 33% in 2017 on the previous year to USD32.0 million, and average crude oil production was 1,375 barrels a day, up 6% year-on-year.

Touchstone's net loss was USD947,000, well below the net loss of USD12.9 million in 2016, due to net impairment recoveries of USD7.9 million compared to charges of USD5.3 million the year before.

During the year, it drilled four development wells and completed 20 others, exceeding operational expectations. The four new wells contributed 312 barrels a day of production over 177 days of output.

Chief Executive Paul Baay commented: "This year has been transformational for Touchstone based on our successful listing on the London AIM market in June 2017 and the completion of a fundraising in December to finance our 2018 ten well drilling campaign.

"This program combined with an encouraging set of 2017 drilling results, has placed the Company in an excellent position to achieve our near-term production target of 2,000 barrels per day, as current production is 1,654 barrels per day."

"The company is in a healthy financial position, increasing cash and reducing net debt during 2017. We look forward to updating the market in due course as we build upon the strong platform that we established over the past year."

Shares were down 2.0% on Tuesday at a price of 12.00 pence each.

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