TIDMTXP
RNS Number : 5723I
Touchstone Exploration Inc.
13 August 2021
SECOND QUARTER 2021 RESULTS AND OPERATIONAL UPDATE
CALGARY, ALBERTA (August 13, 2021) - Touchstone Exploration Inc.
( " Touchstone ", "we", "our", "us" or the " Company " ) (TSX, LSE:
TXP) reports its operating and financial results for the three
months ended June 30, 2021. Selected information is outlined below
and should be read in conjunction with Touchstone's June 30, 2021
unaudited interim consolidated financial statements and related
Management's discussion and analysis, both of which will be
available under the Company's profile on SEDAR (www.sedar.com) and
the Company's website (www.touchstoneexploration.com). Unless
otherwise stated, all financial amounts herein are stated in United
States dollars .
Operational and Financial Highlights
-- Achieved quarterly crude oil sales of 1,402 barrels per day
("bbls/d"), an 8 percent increase relative to the preceding quarter
and consistent relative to the 1,396 bbls/d produced in the same
period of 2020.
-- Despite COVID-19 challenges in Trinidad, executed an incident
free $6,664,000 exploration program, primarily focused on Cascadura
Deep-1 and Chinook-1 well production testing, Royston-1 lease and
drilling expenditures, and the Royston area seismic program.
-- Realized crude oil prices averaged $59.06 per barrel,
representing a 13 percent increase from the first quarter of 2021
and a 101 percent increase from the second quarter of 2020.
-- Generated an operating netback of $26.30 per barrel from an
average Brent price of $68.98 per barrel.
-- Despite limited petroleum asset capital investment of
$125,000, generated funds flow from operations of $1,205,000
compared to a $450,000 use of funds flow in the second quarter of
2020.
-- Recognized a reduced net loss of $284,000 ($0.00 per share)
compared to a net loss of $2,742,000 ($0.01 per share) in the 2020
equivalent quarter.
-- Liquidity remained strong as we ended the second quarter with
cash of $11,214,000, a working capital balance of $4,671,000 and
$7,500,000 drawn on our term credit facility, resulting in a net
debt position of $2,829,000.
-- Entered into revised ten-year lease operating agreements for
our Coora-1, Coora-2, WD-4 and WD-8 blocks through December 31,
2030.
-- Executed an amendment to our $20 million term loan facility
agreement, extending the principal availability period from June
15, 2021 to December 31, 2021, thereby allowing us to access the
outstanding $12.5 million available balance prior to the end of the
year.
-- Spudded our final Ortoire minimum exploration commitment
well, Royston-1, on August 12, 2021.
Paul Baay, President and Chief Executive Officer, commented:
"Our second quarter results continue to demonstrate the progress
we are making in all areas of our operations in Trinidad and are a
testament to the great work done by our dedicated staff amidst a
challenging COVID environment. The positive cashflow derived from
our base assets and our strong liquidity position have allowed us
to advance our exploration operations while we work towards initial
natural gas production at our Coho and Cascadura discoveries. The
team has been active in increasing our base oil production through
a series of low-cost workovers and well optimization while
preparing for the four development well drilling program planned
for the fourth quarter of 2021. On the Ortoire block, we are
progressing on all fronts including road construction, bridge
repairs, well testing, seismic shooting, facilities design,
pipeline installation and drilling our highly anticipated Royston
prospect. We remain confident that our available credit facility
capacity combined with anticipated funds flow from operations will
be sufficient to complete our budgeted four well development
program as well as drilling Royston-1, one of a number of
milestones that we forecast to achieve in the second half of 2021
as we conclude the first phase of our Ortoire exploration
program."
Financial and Operating Results Summary
Three months ended % change Six months ended % change
June 30, June 30,
--------- ---------
2021 2020 2021 2020
---------------------------- ---------- --------- --------- -------- --------- ---------
Operational
Average daily oil
production(1) (bbls/d) 1,402 1,396 - 1,350 1,493 (10)
Brent benchmark price
($/bbl) 68.98 29.70 132 64.95 40.23 61
Operating netback(2)
($/bbl)
Realized sales price 59.06 29.34 101 55.90 38.25 46
Royalties (17.98) (6.99) 157 (16.94) (10.66) 59
Operating expenses (14.78) (11.62) 27 (14.72) (12.67) 16
---------------------------- ---------- --------- --------- -------- --------- ---------
Operating netback 26.30 10.73 145 24.24 14.92 62
---------------------------- ---------- --------- --------- -------- --------- ---------
Financial
($000's except per
share amounts)
Petroleum sales 7,586 3,755 102 13,706 10,453 31
Cash from (used in)
operating activities 1,008 (1,921) n/a (226) (1,997) (89)
Funds flow from (used
in) operations(3) 1,205 (450) n/a 1,743 807 116
Per share - basic
and diluted(2)(3) 0.01 (0.00) n/a 0.01 0.00 n/a
Net loss (284) (2,742) (90) (744) (11,982) (94)
Per share - basic
and diluted (0.00) (0.01) (100) (0.00) (0.07) (100)
Exploration capital
expenditures 6,664 1,249 434 9,618 3,072 213
Development capital
expenditures 125 92 36 252 312 (19)
---------------------------- ---------- --------- --------- -------- --------- ---------
Total capital expenditures 6,789 1,341 406 9,870 3,384 192
---------------------------- ---------- --------- --------- -------- --------- ---------
Working capital surplus
(2) (4,671) (6,543) (29)
Principal non-current
balance of term loan 7,500 15,000 (50)
Net debt(2) - end
of period 2,829 8,466 (67)
---------------------------- ---------- --------- --------- -------- --------- ---------
Share Information
(000's)
Weighted avg. shares
outstanding:
Basic and diluted 209,757 183,640 14 209,579 176,500 19
Outstanding shares
- end of period 210,732 184,161 14
Notes:
(1) References to crude oil in the above table and elsewhere in
this announcement is a mix of light and medium crude oil and heavy
crude oil for which there is not a precise breakdown since the
Company's oil sales volumes typically represent blends of more than
one type of crude oil.
(2) Non-GAAP financial measure that does not have a standardized
meaning prescribed by International Financial Reporting Standards
("IFRS" or "GAAP") and therefore may not be comparable with the
calculation of similar measures presented by other companies. See
"Advisories: Non-GAAP Measures" for further information.
(3) Additional GAAP term included in the Company's consolidated
statements of cash flows. Funds flow from (used in) operations
represents net loss excluding non-cash items. See "Advisories:
Non-GAAP Measures" for further information.
Operating results
Despite numerous challenges surrounding the COVID-19 pandemic in
Trinidad during the second quarter of 2021, we continued to
progress with our Ortoire exploration program and increased our
base crude oil production from the first quarter of 2021 while
maintaining safe and reliable operations.
Our crude oil sales averaged 1,402 bbls/d in the second quarter
of 2021, representing an 8 percent increase from the first quarter
of 2021 and consistent with production realized in the second
quarter of 2020. The increase in production was reflective of
increased workover operations that mitigated natural declines.
Our focus in the second quarter of 2021 remained on Ortoire
exploration operations, as we invested $6,664,000 and progressed
with the following exploration activities.
-- Executed production testing operations on the Cascadura
Deep-1 well, with results indicating a liquids rich natural gas
discovery.
-- Continued progress on the Royston area 22-kilometre seismic
program, which was completed in late July 2021.
-- Completed the Royston-1 well access road and lease, with the
well spudding on August 12, 2021.
-- Continued Coho-1 natural gas facility construction operations
and currently await stakeholder approval to proceed with pipeline
installation.
-- Perforated and initiated production testing of the Cruse
Formation in the Chinook-1 well, with final results expected in
late August 2021.
In June 2021, we executed ten-year Lease Operatorship Agreements
("LOAs") with Heritage Petroleum Company Limited ("Heritage") for
our Coora-1, Coora-2, WD-4 and WD-8 blocks effective January 1,
2021. The LOAs governing our core legacy oil producing properties
expire on December 31, 2030 and were renewed under substantially
similar terms to the previous arrangements. In conjunction with the
execution of the LOAs, our Board of Directors approved the drilling
of four development wells, which are expected to be drilled in the
fourth quarter of 2021 at a budgeted cost of $1 million per
well.
Financial results
We reported funds flow from operations of $1,205,000 in the
second quarter of 2021 compared to $450,000 use of funds flow in
the same period of 2020. In comparison to the second quarter of
2020, the increase primarily reflected a 101 percent increase in
crude oil realized pricing, which increased 2021 second quarter
operating netbacks by $2,004,000 from 2020. Relative to the second
quarter of 2020, further savings in second quarter 2021 term loan
interest costs were offset by increased general and administration
costs and income tax expenses accrued from increased taxable
income.
Touchstone recorded a net loss of $284,000 ($0.00 per share) in
the second quarter of 2021 compared to a net loss of $2,742,000
($0.01 per share) in the prior year equivalent quarter. The
decreased net loss was primarily attributed to an increase in
operating netbacks, which were driven by increased realized pricing
and slightly offset by increases in associated royalties and
operating costs as we resumed pre-pandemic field operation
levels.
We exited the second quarter with a cash balance of $11,214,000,
a working capital balance of $4,671,000 and $7,500,000 drawn on our
term credit facility resulting in a net debt position of
$2,829,000. Our near-term liquidity is augmented by $12.5 million
of current undrawn credit capacity, which we may access any time
prior to the end of the year based on an amendment to the $20
million term credit facility agreement executed in June 2021.
Our primary objective remains to bring our Coho and Cascadura
area natural gas exploration discoveries at Ortoire onto production
as soon as practicable. As the current economic and health related
challenges persist, we will continue to adapt our business
operations and capital programs to ensure health and safety and
enhance long-term shareholder value.
Operational Update
Coho
The Coho facility construction is nearing completion, with all
outstanding equipment in Trinidad or currently in transit. The
3-kilometre pipeline field construction has not commenced and is
awaiting stakeholder approval for tie-in to the Central Block
Baraka natural gas facility, with operations expected to begin in
September 2021.
Royston
Our Ortoire exploration and production licence was set to expire
on July 31, 2021, and we subsequently received regulatory approval
to spud the final commitment well in August 2021. Upon completion
of Royston-1 drilling operations, we will have fulfilled all
minimum exploration work obligations with respect to the
licence.
The Royston-1 well was spud on August 12, 2021 using Well
Services Rig 60. The primary target is the Herrera Gr7a and the
Gr7bc sands at a depth of approximately 9,600 feet, and the well is
planned to terminate in the Gr7bc formation at an estimated total
measured depth of 10,700 feet.
In July 2021, we completed the 2D seismic program commitment in
the Royston area. Recording commenced on July 3, 2021 and was
completed on July 26, 2021. Four northwest to southeast oriented
lines were acquired totalling 22 kilometres in length. Processing
of the lines are currently being undertaken by a third party, and
preliminary analysis indicates that the Royston-1 and Krakken
exploration targets have been imaged and the Bass prospect has been
further delineated. The final processed volumes are expected to be
received by the end of August 2021 for analysis.
Chinook-1
In the fourth quarter of 2020 and the first quarter of 2021, we
performed a total of three production tests on the Chinook-1 well
in three unique Herrera sand reservoirs. All tests encountered
minor amounts of oil and were subsequently abandoned.
A fourth zone was completed over a 25-foot interval in the Cruse
Formation between 3,004 feet to 3,029 feet on July 3, 2021. The
well was initially opened to flow and recovered load fluid and dry
natural gas. Downhole pressure recorders and well testing equipment
were installed to perform a deliverability flow test on July 13,
2021. The flow test spanned a total of 45 hours, comprised of an
initial clean-up flow period, followed by an initial shut-in period
and a five-step rate test, including a 24-hour extended flow test.
During the extended flow test period, the well achieved a peak
production rate of approximately 0.7 million cubic feet per day
("MMcf/d") of dry natural gas and flowed at an average natural gas
rate of approximately 0.35 MMcf/d with an average flowing pressure
of approximately 200 pounds per square inch. No liquids or water
was encountered during testing. The well was shut in on July 15,
2021 for a 30-day pressure buildup, after which the downhole
pressure recorders are expected to be recovered in mid-August 2021
for further analysis.
Cascadura
We have completed the design of the surface facilities required
to meet the initial and long-term production capabilities of the
Cascadura-1ST1 and Cascadura Deep-1 exploration wells that have
been successfully tested. The Company has submitted a comprehensive
field development plan to the Trinidad and Tobago Ministry of
Energy and Energy Industries in conjunction with a declaration of
commerciality.
The Cascadura surface facility Certificate of Environmental
Clearance ("CEC") application was submitted to the Trinidad and
Tobago Environmental Management Authority ("EMA") in April 2021,
and the EMA subsequently informed Touchstone that the application
will require a Cascadura area Environmental Impact Assessment
("EIA"). The CEC application and associated EIA relate to the
comprehensive development of the Cascadura reservoir, including a
proposed main surface facility and an 8.3-kilometre liquids
pipeline that is expected to run south from the surface facility to
the Heritage Catshill manifold.
A third-party contractor has been engaged to assist with the
Cascadura EIA Terms of Reference ("TOR"). Dry season baseline
environmental survey work was completed in May 2021, and wet season
baseline environmental study work is expected to commence in
September 2021. Stakeholder engagement was conducted between June
2021 and early July 2021. No requests were made from the
stakeholder engagement process for changes to the draft TOR, and
the final TOR was received from the EMA on July 29, 2021.
Touchstone expects to submit the final EIA TOR submission to the
EMA by the end of 2021.
Touchstone Exploration Inc.
Touchstone Exploration Inc. is a Calgary, Alberta based company
engaged in the business of acquiring interests in petroleum and
natural gas rights and the exploration, development, production and
sale of petroleum and natural gas. Touchstone is currently active
in onshore properties located in the Republic of Trinidad and
Tobago. The Company's common shares are traded on the Toronto Stock
Exchange and the AIM market of the London Stock Exchange under the
symbol " TXP " .
For further information about Touchstone, please visit our
website at www.touchstoneexploration.com or contact:
Touchstone Exploration Inc.
Mr. Paul Baay, President and Chief Executive Officer Tel: +1
(403) 750-4487
Mr. Scott Budau, Chief Financial Officer
Mr. James Shipka, Chief Operating Officer
Shore Capital (Nominated Advisor and Joint Broker)
Nominated Advisor: Edward Mansfield / Daniel Bush / Michael McGloin Tel: +44 (0) 207 408 4090
Corporate Broking: Jerry Keen
Canaccord Genuity (Joint Broker)
Adam James / Henry Fitzgerald O'Connor / Thomas Diehl Tel: +44
(0) 207 523 8000
Camarco (Financial PR)
Nick Hennis / Billy Clegg Tel: +44 (0) 203 781 8330
Advisories
Non-GAAP Measures
This announcement contains terms commonly used in the oil and
natural gas industry, including funds flow from operations, funds
flow from operations per share, operating netback, working capital
and net debt. These terms do not have a standardized meaning
prescribed under GAAP or IFRS and may not be comparable to similar
measures presented by other companies. Shareholders and investors
are cautioned that these measures should not be construed as
alternatives to cash flow from operating activities, net earnings,
net earnings per share, total assets, total liabilities, or other
measures of financial performance as determined in accordance with
GAAP. Management uses these non-GAAP measures for its own
performance measurement and to provide stakeholders with measures
to compare the Company's operations over time.
Funds flow from operations is an additional GAAP measure
included in the Company's consolidated statements of cash flows.
Funds flow from operations represents net earnings (loss) excluding
non-cash items. Touchstone considers funds flow from operations to
be an important measure of the Company's ability to generate the
funds necessary to finance capital expenditures and repay debt. The
Company calculates funds flow from operations per share by dividing
funds flow from operations by the weighted average number of common
shares outstanding during the applicable period.
The Company uses operating netback as a key performance
indicator of field results. Operating netback is presented on a
total and per barrel basis and is calculated by deducting royalties
and operating expenses from petroleum sales. The Company considers
operating netback to be a key measure as it demonstrates
Touchstone's profitability relative to current commodity prices.
This measurement assists Management and investors with evaluating
operating results on a historical basis.
The Company closely monitors its capital structure with a goal
of maintaining a strong financial position in order to fund current
operations and the future growth of the Company. The Company
monitors working capital and net debt as part of its capital
structure to assess its true debt and liquidity position and to
manage capital and liquidity risk. Working capital is calculated as
current assets minus current liabilities as they appear on the
consolidated statements of financial position. Net debt is
calculated by summing the Company's working capital and the
principal (undiscounted) non-current amount of senior secured
debt.
Please refer to the Company's June 30, 2021 Management's
discussion and analysis for reconciliations of non-GAAP measures
contained herein to applicable GAAP measures.
Oil and Gas Matters
References in this announcement to production test rates and
initial flow rates are useful in confirming the presence of
hydrocarbons; however, such rates are not determinative of the
rates at which the well will commence production and decline
thereafter and are not indicative of long-term performance or of
ultimate recovery. Additionally, such rates may also include
recovered "load oil" fluids used in well completion stimulation.
Readers are cautioned not to place reliance on such rates in
calculating the aggregate production for the Company. A final
pressure transient analysis and/or well-test interpretation has yet
to be carried out in respect of the Chinook-1 well. Accordingly,
the Company cautions that the production test results contained
herein should be considered preliminary.
Forward-Looking Statements
Certain information provided in this announcement may constitute
forward-looking statements and information (collectively,
"forward-looking statements") within the meaning of applicable
securities laws. Such forward-looking statements include, without
limitation, forecasts, estimates, expectations and objectives for
future operations that are subject to assumptions, risks and
uncertainties, many of which are beyond the control of the Company.
Forward-looking statements are statements that are not historical
facts and are generally, but not always, identified by the words
"expects", "plans", "anticipates", "believes", "intends",
"estimates", "projects", "potential" and similar expressions, or
are events or conditions that "will", "would", "may", "could" or
"should" occur or be achieved.
Forward-looking statements in this announcement may include, but
are not limited to, statements relating to the Company's
development and exploration plans and strategies, including
anticipated well drilling operations, including timing and
locations, production testing operations and initial production
testing results, facility construction and tie-in operations and
timing thereof, anticipated completion and receipt of regulatory
approvals, and ultimate production from development and exploration
wells, the Company's current financial position and its
expectations of future funds flow and the sufficiency of resources
and available financing to fund future capital expenditures and
maintain financial liquidity. Although the Company believes that
the expectations and assumptions on which the forward-looking
statements are based are reasonable, undue reliance should not be
placed on the forward-looking statements because the Company can
give no assurance that they will prove to be correct. Since
forward-looking statements address future events and conditions, by
their very nature they involve inherent risks and uncertainties.
Actual results could differ materially from those currently
anticipated due to a number of factors and risks. Certain of these
risks are set out in more detail in the Company's 2020 Annual
Information Form dated March 25, 2021 which is filed under the
Company's profile on SEDAR (www.sedar.com) and is available on the
Company's website (www.touchstoneexploration.com). The
forward-looking statements contained in this announcement are made
as of the date hereof, and except as may be required by applicable
securities laws, the Company assumes no obligation to update
publicly or revise any forward-looking statements made herein or
otherwise, whether as a result of new information, future events or
otherwise.
Touchstone Exploration Inc.
Interim Consolidated Statements of Financial Position
Unaudited, stated in thousands of United States dollars
As at June 30, December
31, 2020
2021
-------------------------------------------- --- --------- ----------
Assets
Current assets
Cash $ 11,214 $ 24,281
Accounts receivable 6,054 4,685
Crude oil inventory 75 92
Prepaid expenses 1,114 254
Assets held for sale 1,221 -
19,678 29,312
Exploration assets 40,233 30,680
Property and equipment 39,366 43,016
Restricted cash 294 294
Other assets 720 24
Abandonment fund 1,223 1,226
Total assets $101,514 $104,552
------------------------------------------------- --------- ----------
Liabilities
Current liabilities
Accounts payable and accrued liabilities $ 12,657 $ 16,379
Income taxes payable 665 -
Liabilities associated with assets held 1,685 -
for sale
15,007 16,379
Lease liabilities 318 335
Term loan 7,208 7,176
Other liabilities 1,250 1,357
Decommissioning liabilities 10,112 11,919
Deferred income taxes 7,141 7,021
------------------------------------------------- --------- ----------
Total liabilities 41,036 44,187
------------------------------------------------- --------- ----------
Shareholders' equity
Shareholders' capital 101,757 101,385
Contributed surplus 2,691 2,476
Accumulated other comprehensive loss (13,061) (13,331)
Accumulated deficit (30,909) (30,165)
------------------------------------------------- --------- ----------
Total shareholders' equity 60,478 60,365
------------------------------------------------- --------- ----------
Total liabilities and shareholders' equity $101,514 $104,552
------------------------------------------------- --------- ----------
Touchstone Exploration Inc.
Interim Consolidated Statements of Loss and Comprehensive
Loss
Unaudited, stated in thousands of United States dollars (except
per share amounts)
Three months ended Six months ended
June 30, June 30,
-----------------------------------
2021 2020 2021 2020
----------------------------------- --------- ---------- --------- -----------
Revenue
Petroleum sales $ 7,586 $ 3,755 $ 13,706 $10,453
Less: royalties (2,310) (895) (4,153) (2,914)
------------------------------------ --------- ---------- --------- -----------
Petroleum revenue 5,276 2,860 9,553 7,539
Other income 8 22 31 63
------------------------------------ --------- ---------- --------- -----------
5,284 2,882 9,584 7,602
----------------------------------- --------- ---------- --------- -----------
Expenses
Operating 1,899 1,487 3,610 3,462
General and administration 1,614 996 3,149 2,163
Net finance 425 1,768 574 2,506
Loss (gain) on asset dispositions 4 - (21) -
Foreign exchange loss 96 453 196 138
Equity-based compensation 156 81 266 125
Depletion and depreciation 819 814 1,622 1,902
Impairment (recovery) loss (19) (116) 10 19,187
Total expenses 4,994 5,483 9,406 29,483
------------------------------------ --------- ---------- --------- -----------
Earnings (loss) before
income taxes 290 (2,601) 178 (21,881)
Provision for income taxes
Current expense 432 252 773 284
Deferred expense (recovery) 142 (111) 149 (10,183)
------------------------------------ --------- ---------- --------- -----------
Total income tax expense
(recovery) 574 141 922 (9,899)
------------------------------------ --------- ---------- --------- -----------
Net loss (284) (2,742) (744) (11,982)
Currency translation adjustments 225 (29) 270 72
------------------------------------ --------- ---------- --------- -----------
Comprehensive loss $ (59) $ (2,771) $ (474) $ (11,910)
------------------------------------ --------- ---------- --------- -----------
Net loss per common share
Basic and diluted $ (0.00) $ (0.01) $ (0.00) $ (0.07)
------------------------------------ --------- ---------- --------- -----------
Touchstone Exploration Inc.
Interim Consolidated Statements of Changes in Shareholders'
Equity
Unaudited, stated in thousands of United States dollars
Accumulated
Shareholders' Contributed other comprehensive Accumulated Shareholders'
capital surplus loss deficit equity
--------------------------- -------------- ------------ --------------------- ------------ ----------------
As at January 1,
2020 $ 61,507 $ 2,341 $ (14,598) $ (19,135) $ 30,115
Comprehensive loss - - 72 (11,982) (11,910)
Private placement,
net of fees 10,850 - - - 10,850
Equity-based settlements 297 (97) - - 200
Equity-based compensation
expense - 125 - - 125
Capitalized equity-based
compensation - 17 - - 17
--------------------------- -------------- ------------ --------------------- ------------ ----------------
As at June 30, 2020 $ 72,654 $ 2,386 $ (14,526) $ (31,117) $ 29,397
--------------------------- -------------- ------------ --------------------- ------------ ----------------
As at January 1,
2021 $ 101,385 $ 2,476 $ (13,331) $ (30,165) $ 60,365
Comprehensive loss - - 270 (744) (474)
Equity-based settlements 372 (132) - - 240
Equity-based compensation
expense - 266 - - 266
Capitalized equity-based
compensation - 81 - - 81
As at June 30, 2021 $ 101,757 $ 2,691 $ (13,061) $ (30,909) $ 60,478
--------------------------- -------------- ------------ --------------------- ------------ ----------------
Touchstone Exploration Inc.
Interim Consolidated Statements of Cash Flows
Unaudited, stated in thousands of United States dollars
Three months ended Six months ended
June 30, June 30,
------------------------------------
2021 2020 2021 2020
------------------------------------ ---------- --------- --------- ----------
Cash provided by (used in) the
following activities:
Operating activities
Net loss $(284) $(2,742) $(744) $(11,982)
Items not involving cash
from operations:
Loss (gain) on asset dispositions 4 - (21) -
Unrealized foreign exchange
loss 113 311 187 10
Equity-based compensation 156 81 266 125
Depletion and depreciation 819 814 1,622 1,902
Impairment (recovery) loss (19) (116) 10 19,187
Other 274 1,313 274 1,748
Deferred income tax expense
(recovery) 142 (111) 149 (10,183)
Funds flow from (used in)
operations 1,205 (450) 1,743 807
Change in non-cash working
capital (197) (1,471) (1,969) (2,804)
------------------------------------- ---------- --------- --------- ----------
Cash from (used in) operating
activities 1,008 (1,921) (226) (1,997)
------------------------------------- ---------- --------- --------- ----------
Investing activities
Exploration asset expenditures (6,664) (1,249) (9,618) (3,072)
Property and equipment
expenditures (125) (92) (252) (312)
Abandonment fund expenditures (28) (27) (55) (61)
Proceeds from asset dispositions 103 22 207 45
Change in non-cash working
capital 1,389 (1,107) (3,097) (4,001)
Cash used in investing
activities (5,325) (2,453) (12,815) (7,401)
------------------------------------- ---------- --------- --------- ----------
Financing activities
Changes in restricted cash - (589) - (589)
Net payment of term loan - (133) - (133)
Production liability payments (101) (50) (182) (141)
Net finance lease receipts
(payments) 36 (16) 34 (39)
Issuance of common shares,
net of fees 240 139 240 11,044
Change in non-cash working
capital 18 (34) 40 (60)
------------------------------------- ---------- --------- --------- ----------
Cash from (used in) financing
activities 193 (683) 132 10,082
------------------------------------- ---------- --------- --------- ----------
Change in cash (4,124) (5,057) (12,909) 684
Cash, beginning of period 15,451 12,219 24,281 6,182
Impact of foreign exchange on
foreign denominated cash balances (113) (271) (158) 25
------------------------------------- ---------- --------- --------- ----------
Cash, end of period $ 11,214 $ 6,891 $ 11,214 $ 6,891
------------------------------------- ---------- --------- --------- ----------
The following are included in
cash from operating activities:
Interest paid in cash 147 528 294 819
Income taxes paid in cash 37 222 59 1,369
------------------------------------- ---------- --------- --------- ----------
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCEALPDFLEFEEA
(END) Dow Jones Newswires
August 13, 2021 02:00 ET (06:00 GMT)
Touchstone Exploration (LSE:TXP)
Historical Stock Chart
From Apr 2024 to May 2024
Touchstone Exploration (LSE:TXP)
Historical Stock Chart
From May 2023 to May 2024