Touchstone narrows losses, prioritises Ortoire project
Touchstone Exploration Inc NPV (DI)
30.14p
11:39 15/11/24
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.
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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.