Page 15 - LatAmOil Week 09 2023

LatAmOil NEWS IN BRIEF LatAmOil

The Company announced the sale of its Brazilian boepd) of which continuing operations averaged National Gas Co. of Trinidad and Tobago (NGC)
subsidiary for a total consideration of $186.9mn, 401 boepd (2021: 212 boepd) and discontinued that they expect to be ready to receive first gas
with a purchase price of $138mn plus $9.3mn operations averaged 2,812 boepd (2021: 3,175 from the Cascadura natural gas and associated
in net working capital adjustment, $3.7mn net boepd). liquids facility on or about June 30, 2023.
cash adjustment, and $36.1mn to be paid upon Revenue in 2022 of $89.8mn (2021: $68.3mn) Touchstone remains on track to complete the
successful achievement of earnout milestones. of which $12.3mn (2021: $5.7mn) relates to the Cascadura facility prior to this date to ensure
The Company successfully completed a continuing operations and $77.5mn (2021: production can commence as soon as NGC is in
directed new share issue of 23.9mn shares and $62.6mn) relates to discontinued operations. a position to receive first gas. The approximate
raised proceeds of approximately $20.0mn to Operating netback in 2022 of $60.7mn construction status of the Cascadura facility is as
reinforce the balance sheet. (2021: $46.1mn) of which $6.5mn (2021: follows: the civil and concrete foundation work
Three new executive managers appointed, $2.9mn) relates to the continuing operations and for the main process facility equipment is com-
including new CEO, CFO and CLO. $54.2mn (2021: $43.2mn) relates to the discon- plete; the flare stack is procured, with the associ-
Daily oil and gas production for Q4 2022 tinued operations. ated foundation work commencing imminently;
averaged 2,621 boepd (Q4 2021: 3,098 boepd) EBITDA in 2022 of $55.1mn (2021: $47.7mn) the communication tower is approximately 80%
of which continuing operations averaged 280 of which -$400,000 (2021: -$2.2mn) relates to complete; the pipe racks are approximately 90%
boepd (Q4 2021: 247 boepd) and discontinued the continuing operations and $55.5mn (2021: assembled with hydrotesting initiated, and the
operations averaged 2,341 boepd (Q4 2021: $49.9mn) relates to the discontinued operations. units are expected to arrive at the facility within
2,851). Net result for 2022 of $22.9mn (2021: the next three weeks; on-site condensate tanks
Revenue of $17.3mn (Q4 2021: $17.8mn) of $21.6mn) of which -$12.5mn (2021: -$13.3mn) are approximately 65% complete; the compres-
which $2.0mn (Q4 2021: $2.0mn) relates to the relates to the continuing operations and sors, separators, and vapour recovery units
continuing operations and $15.3mn (Q4 2021: $35.4mn (2021: $34.9mn) relates to the discon- have been safely transported to the facility; and
$15.8mn) relates to discontinued operations. tinued operations. all process equipment for the facility has been
Operating netback of $9.8mn (Q4 2021: Basic and Diluted Earnings per share in 2022 acquired.
$11.9mn) of which $1.0mn (Q4 2021: $1.1mn) of $0.19 (2021: $0.19) of which basic and diluted Touchstone Exploration has been notified by
relates to the continuing operations and $8.8mn earnings per share for the continued operations NGC that they expect to be ready to receive first
(Q4 2021: $10.8mn) relates to the discontinued is -$0.10 (2021: -$0.12) and basic and diluted gas from the Cascadura natural gas and associ-
operations. earnings per share for the discontinued opera- ated liquids facility on or about June 30, 2023.
EBITDA of $8.8mn (Q4 2021: $15.6mn) of tions is $0.29 (2021: $0.31). Paul Baay, President and CEO, commented:
which -$1.3mn (Q4 2021: -$500,000) relates to Cash and cash equivalents balance on “We are encouraged to have received an expected
the continuing operations and $10.1mn (Q4 December 31, 2022, of $23.2mn (2021: $25.5mn) first gas date from NGC. Although this is later
2021: $16.1mn) relates to the discontinued of which $19.5mn (2021: $18.4mn) relates to than we were anticipating, we can now plan the
operations. the continuing operations and $3.7mn (2021: final phase of our various work streams to min-
Net result of $100,000 (Q4 2021: $7.4mn) of $7.2mn) relates to the discontinued operations. imise costs and optimise services. First gas from
which -$3.6mn (Q4 2021: -$3.8mn) relates to the Maha Energy, 28 February 2023 Cascadura will be a transformative achievement
continuing operations and $3.7mn (Q4 2021: for Touchstone, and we thank shareholders for
$11.1mn) relates to the discontinued operations. their continued support and patience as we
Basic and Diluted earnings per share of $0.00 PROJECTS & COMPANIES work towards this significant milestone. We
(Q4 2021: $0.06) of which basic and diluted expect that the funds raised late last year and our
earnings per share for the continued operations Touchstone provides update current base production will allow us to com-
is -$0.03 (Q4 2021: -$0.03) and basic and diluted plete drilling the Royston-1X well and prepare
earnings per share for the discontinued opera- on Cascadura facility our next development locations at Cascadura
tions is $0.03 (Q4 2021: $0.09). while we finalise construction of the Cascadura
Full Year 2022: Daily oil & gas production Touchstone Exploration reports that on Feb- facility.”
averaged 3,213 boepd in 2022 (2021: 3,387 ruary 24, 2023, the Company was notified by Touchstone Exploration, 27 February 2023

Week 09 01•March•2023 www. NEWSBASE .com P15