Page 14 - LatAmOil Week 33 2022

LatAmOil NEWS IN BRIEF LatAmOil

of Environmental Clearance application for
PERFORMANCE development operations in the Cascadura area
will be made by September 15, 2022.
Touchstone announces “This quarter represents the end of an era for the
Paul Baay, President and CEO, commented:
Q2-2022 financial and Company as a pure crude oil producer in Trin-
idad with the next quarter seeing a transition to
operating results a combination of oil and natural gas production
from our Coho-1 gas well. Our team has main-
Touchstone Exploration has reported its oper- tained base production while remaining focused
ating and financial results for the three and six on our Coho and Cascadura projects, including
months ended June 30, 2022. associated commissioning operations and reg-
Q2-2022 Financial and Operational High- ulatory approvals, which are both progressing.
lights: Achieved quarterly average crude oil pro- Our Trinidad team successfully implemented the Company intends to extend that work across
duction volumes of 1,420 barrels per day (bpd), our emergency response plan in response to the main prospects identified in the eastern half
representing a 2% increase relative to the preced- the vandalism at Fyzabad, which had a mini- of Licence PL001. The Company believes this
ing quarter and a 1% increase from the 1,402 bpd mal impact to the environment and residents additional work should further de-risk those
produced in the second quarter of 2021. affected in the area but resulted in reclamation prospects and enhance the farmout potential of
Realised petroleum sales of $12.596mn from costs, which we fully accrued for in the quarter. the Licence.
an average crude oil price of $97.48 per barrel We will continue to complete the restoration Financial overview: The Group loss for the
compared to petroleum sales of $7.586mn from required and work with our insurance provider six months to June 30, 2022, was $105,000 (2021:
an average realised price of $59.06 per barrel in to identify any costs that may be recoverable loss of $200,000) giving an undiluted loss per
the comparative quarter of 2021. under our policy.” share of $0.0004 (2021: $0.0009 loss per share).
Generated an operating netback of $44.99 Touchstone Exploration, August 11 2022 Administrative expenses were $90,000, com-
per barrel, a 19% increase from the first quarter pared to $205,000 for the same period in 2021.
of 2022 and a 71% increase from the $26.30 per Argos Resources Net assets of $29.3mn is a decrease of $105,000
barrel reported in the second quarter of 2021. since December 2021 as a result of the loss for
Recognised current income tax expenses announces 2022 interim the period.
of $1.547mn in the quarter compared to Financial outlook: In June 2022 Argos’ Chair-
$432,000 in the second quarter of 2021, driven financial results man agreed to fund a drawdown loan facility of
by $1.043mn in supplemental petroleum tax GBP110,000 to provide short-term financial
expenses based on our average realised oil price AIM-listed Argos Resources, the Falkland support to the Company. Any offer of a licence
exceeding the $75.00 per barrel threshold in Islands based company focused on the North extension is likely to be conditional on the Com-
2022. Falkland Basin, has announced its interim pany demonstrating that it has sufficient fund-
Our funds flow from operations was financial results for the six months ended June ing to carry out a work programme and cover
$1.133mn in the quarter, which was net of 30, 2022. administration costs during the Licence term.
$540,000 accrued for reclamation costs related Highlights: $105,000 loss for the period (H1- The granting of an extension is therefore likely
to the previously announced oil spill which 2021: loss of $200,000); $132,000 cash reserves to be dependent on the Company raising signif-
occurred as a result of vandalism in June 2022. at June 30 2022 (YE-2021: $304,000); The cur- icant further funds in Q3-2022 or Q4-2022. In
Recognised a net loss of $262,000 in the quar- rent Second Phase of the Licence was extended order to continue as a going concern, the Com-
ter compared to a net loss of $284,000 reported in until December 2022; A loan provided by the pany will need to raise further finance.
the same period of 2021, reflecting the $540,000 Chairman in June 2022 provides additional Argos Resources, August 15 2022
provision for oil spill reclamation costs. working capital and the Company plans to raise
Capital investments of $3.368mn primarily additional capital to support a further extension President Energy
focused on facility and pipeline expenditures of the Licence beyond its current expiry date of
related to the Coho-1 facility and investments December 31, 2022; and Ownership changes announces H1-2022
directed to the Cascadura natural gas facility. in the adjacent Sea Lion oilfield and surging oil
Exited the quarter with cash of $9.425mn, a prices enhance outlook for the Company. Argentina financial results
working capital surplus of $346,000 and $30mn Chairman’s statement and Managing Direc-
drawn on our term credit facility, resulting in a tor’s review: The Company’s PL001 Licence AIM-listed President Energy has announced
net debt position of $23.654mn. currently expires on December 31, 2022. The key highlights from the independently reviewed
Post Period-End Highlights: Daily crude oil Company has submitted a formal application to results from the first six months of the year to
sales averaged 1,303 bpd in July 2022 with a real- extend the Licence by a further two years beyond June 20, 2022, in Argentina in accordance with
ised price of $89.52 per barrel. this date to December 31, 2024, to undertake Argentine reporting rules.
Preparation for Coho gas facility and pipeline new technical work and to market the results H1-2022 Argentina Financial Results: Pur-
pre-commissioning operations is underway, of that work to potential industry partners. suant to the Mini-Bond issued last year and
which will be followed by system commission- The technical work planned involves special announced in November 2021 and extended
ing operations to introduce natural gas from the reprocessing of some of the 3D seismic data earlier this year, President’s Argentina subsidi-
Coho-1 well into the facility and pipeline. on Licence PL001. The results of a pilot study ary, President Petroleum SA (PPSA) as stated in
Received confirmation from the Trinidad undertaken in 2021 to determine the effective- the Company’s announcement on May 13, 2022,
and Tobago Environmental Management ness of the special processing technique have the Company is obliged to file auditor reviewed
Authority that determination of our Certificate been positive and sufficiently encouraging that results in Argentina for each calendar quarter.

P14 www. NEWSBASE .com Week 33 17•August•2022