Touchstone Exploration Inc on Tuesday said production surged in the third quarter as sales also rose.

The Calgary, Canada-based oil and gas company focused on Trinidad & Tobago, reported that its average daily production in the third quarter of 2023 increased to 3,391 barrels of oil equivalent per day, from 1,272 barrels a year ago. In the first nine months, the figure was 2,456 barrels per day, up from 1,362 a year earlier.

The firm said the average net sales volume was 8,917 barrels per day in October, with its Cascadura well contributing 7,234 barrels. It noted that it achieved its first production from Cascadura-1ST1 well in September 2023.

The company sales sales in the third quarter rose to $11.7 million, from $9.9 million a year ago.

Chief Executive Paul Baay said: ‘The positive impact that initial output from our Cascadura field has had on both our production profile, and more importantly, our operating cash flows is clear. The results from the first few weeks of production at Cascadura demonstrate that we can look forward to materially enhanced operational and financial results.

‘While we are encouraged with our initial output levels, we are focused on optimizing production across our portfolio including Cascadura, Coho and our legacy oil properties. These operations are anticipated to be completed by the end of the year and will provide Touchstone with a strong platform upon which to continue our growth in 2024.’

Touchstone shares fell 1.2% to 56.32 pence each on Tuesday afternoon in London.

Copyright 2023 Alliance News Ltd. All Rights Reserved.