Touchstone Exploration Inc (AIM:TXP, TSX:TXP, OTC:PBEGF) CEO Paul Baay describes 2023 as a transformational year for the company, emphasizing the significant growth and operational advancements achieved.
In an interview with Proactive's Stephen Gunnion, Baay said key 2023 achievements included the completion of facilities and commissioning of production, and the initiation of the 2024 drilling program. The company also secured new bank financing with a Trinidad bank, enhancing its capitalisation for future projects. Operational focuses such as driving down costs and optimising production were highlighted as contributing factors to the company's different outlook at the end of 2023.
The fourth quarter saw remarkable growth with a 150% increase in production, 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 positive financial trajectory.
Looking forward to 2024, Touchstone has commenced its drilling program, encountering promising sands at Cascadura and advancing other projects across their portfolio. The company aims for an average production of 9,400 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 facilities and a strategic focus on high net-back wells and capacity expansion.
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