Touchstone narrows losses, prioritises Ortoire project

Petroleum and natural gas investor Touchstone Exploration said on Friday that third-quarter losses had narrowed as the group began to prioritise investment on its Ortoire project in Trinidad and Tobago after seeing it top expectations.

Touchstone said Ortoire recorded daily production of 1,310 barrels of oil per day in the third quarter, slightly lower than the 1,396 barrels reported in the prior quarter but a marked decrease from the 1,729 barrels posted a year earlier.

The AIM-listed group stated that the fall in daily production was a result of a natural decline as the block was being advanced towards production.

Production saw the group pull in $192,000, while operating costs were cut roughly 10% and general and administrative costs slipped 9%. Touchstone also narrowed third-quarter net losses from $1.03m to $703,000.

Chief executive Paul Baay said: "The board's focus remains on our Ortoire property where exploration activities to date have significantly exceeded expectations."

As of 1100 GMT, Touchstone shares were down 0.09% at 100.90p.