Touchstone Exploration Inc (AIM: TXP, TSX: TXP, OTC: PBEGF) has announced an increase in sales and a decrease in debt in the year ending on December 31, 2022, with a growth of 45% in sales to US$42.9mln, and a 20% reduction in debt to US$16mln.
The company’s average daily production also rose by 18%, reaching 1,581 barrels of oil equivalent, after the launch of the Coho facility, which is the first onshore natural gas field to come on stream in Trinidad in the last two decades.
Cash from operating activities increased by 257% to US$5.8mln, and capital expenditure declined by 59% to US$11.3mln. However, the company reported a US$3.2mln loss, which was due to US$6.3mln in impairment reversals over a forecasted increase in crude oil prices.
Touchstone plans to finish work on its Cascadura facility before June 30, 2023 and is waiting for regulatory approval for an asset exchange agreement for certain onshore Trinidad assets with a private Trinidadian firm.
