TXP:CC - Touchstone Exploration discusses transformational 2023 and the road ahead
(NewsDirect)
Touchstone Exploration Inc (AIM:TXP,TSX:TXP, OTC:PBEGF) CEO Paul Baay describes 2023 as a transformationalyear for the company, emphasizing the significant growth andoperational advancements achieved.
In an interview with Proactive's Stephen Gunnion, Baay saidkey 2023 achievements included the completion of facilities andcommissioning of production, and the initiation of the 2024 drillingprogram. The company also secured new bank financing with a Trinidadbank, enhancing its capitalisation for future projects. Operationalfocuses such as driving down costs and optimising production werehighlighted as contributing factors to the company's differentoutlook at the end of 2023.
Thefourth quarter saw remarkable growth with a 150% increase inproduction, averaging 8,500 barrels of oil equivalent per day (BOE/D),thanks to full quarter production from the Coho and Cascadura fields.This resulted in a $10 million cash flow, suggesting a positivefinancial trajectory.
Lookingforward to 2024, Touchstone has commenced its drilling program,encountering promising sands at Cascadura and advancing other projectsacross their portfolio. The company aims for an average production of9,400 BOE/D, targeting an end-of-year rate of 14,000 BOE/D.
Baay expressed confidence in achieving these targets,underpinned by financial flexibility from expanded banking facilitiesand a strategic focus on high net-back wells and capacity expansion.
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