REG - Touchstone Explrtn. - ANNUAL 2023 FINANCIAL AND OPERATING RESULTS
21/03/2024 07:00
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240321:nRSU6921Ha&default-theme=true
RNS Number : 6921H Touchstone Exploration Inc. 21 March 2024
ANNUAL 2023 FINANCIAL AND OPERATING RESULTS
CALGARY, ALBERTA (March 21, 2024) - Touchstone Exploration Inc. ("Touchstone",
"we", "our" or the "Company") (TSX, LSE: TXP) reports its operating and
condensed financial results for the three months and year ended December 31,
2023. Selected financial information is outlined below and should be read in
conjunction with our December 31, 2023 audited consolidated financial
statements and related Management's discussion and analysis, both of which
will be available under our profile on SEDAR+ (www.sedarplus.ca
(http://www.sedarplus.ca/) ) and on our website (www.touchstoneexploration.com
(http://www.touchstoneexploration.com/) ). Unless otherwise stated, all
financial amounts presented herein are rounded to thousands of United States
dollars, and all production volumes disclosed herein are sales volumes based
on Company working interest before royalty burdens.
Paul Baay, President and Chief Executive Officer, commented:
"The transformational increase in production through the final months of 2023
reflects the commencement of production at our Cascadura field. The associated
growth in cash from operations combined with our anticipated increase in
borrowing capacity, will enable us to pursue our previously announced 2024
capital budget focused on driving further growth. Since year-end we have made
substantial progress on our 2024 capital program, with one well successfully
drilled and cased, and two further wells currently drilling. We continue to
expect to bring the additional Cascadura wells on stream late in the third
quarter of 2024 once the tie-in pipeline to our production facilities is
completed. We are confident that 2024 will be another period of significant
operational development and we look forward to updating our stakeholders on
our progress."
Fourth Quarter 2023 Financial and Operating Highlights
· Average quarterly production increased 151 percent to 8,504 boe/d
(79 percent natural gas) relative to 3,391 boe/d produced in the third quarter
of 2023, reflecting a full quarter of Cascadura production volumes.
· Realized petroleum and natural gas sales of $20,759,000 compared to
$11,682,000 in the third quarter of 2023, mainly attributed to incremental
Cascadura natural gas and associated liquids sales.
- Cascadura field production volumes in the quarter contributed
$8,437,000 of net natural gas sales at an average realized price of $2.45 per
Mcf and $4,170,000 of net NGL sales at an average realized price of $72.92 per
barrel.
- Natural gas production from the Coho-1 well averaged net volumes of
3.1 MMcf/d (517 boe/d) in the quarter and contributed $617,000 of net natural
gas sales at an average realized price of $2.16 per Mcf.
· Generated an operating netback of $13,731,000, a 128 percent
increase from the third quarter of 2023, benefiting from a full quarter of
production from our Cascadura field. Operating netbacks were $17.54 per boe,
representing a 9 percent decrease from the $19.27 per boe reported in the
third quarter of 2023, attributed to an increased weighting of natural gas
volumes to total production.
· Achieved quarterly record funds flow from operations of $10,489,000
in the fourth quarter compared to $2,432,000 in the preceding quarter,
primarily driven by the $7,720,000 quarter-over-quarter increase in operating
netback.
· $1,186,000 in quarterly capital investments primarily focused on
expenditures directed to Royston-1X production testing, final Cascadura
facility commissioning and pre-drill expenditures relating to the Cascadura-2
well.
· Reduced net debt by 25 percent in the quarter, exiting the year
with a cash balance of $8,186,000, a working capital deficit of $7,581,000 and
a bank loan principal balance of $28,000,000, resulting in a net debt position
of $22,581,000.
Annual 2023 Financial and Operating Highlights
· Commissioned and achieved first natural gas and associated liquids
production from our Cascadura facility on September 6, 2023.
· Delivered average daily production volumes of 3,981 boe/d (65
percent natural gas), an increase of 152 percent year-over-year.
· Realized petroleum and natural gas sales of $48,098,000 compared to
$42,944,000 in the prior year, as $15,742,000 of incremental Cascadura natural
gas and associated liquids sales were partially offset by a $12,598,000
decrease in crude oil sales, reflecting a 21 percent decline in realized crude
oil pricing and a 12 percent reduction in crude oil production.
· Generated funds flow from operations of $13,730,000 (2022 -
$3,540,000) and an annual operating netback of $26,220,000 or $18.04 per boe
(2022 - $19,281,000 and $33.42 per boe).
· Executed an incident-free $18,949,000 capital program, primarily
focused on completing the Cascadura natural gas facility and drilling and
testing the Royston-1X exploration well.
· December 31, 2023 net debt was $22,581,000, resulting in a reduced
net debt to annual funds flow from operations ratio of 1.64 times.
· Responsible operations remained a top priority throughout 2023, as
Touchstone had one lost time injury and released its third environmental,
social and governance report encompassing the 2022 year.
We recorded exploration and evaluation asset impairment expenses of
$32,649,000 related to the Chinook and Royston areas of our Ortoire block, as
the carrying value of the assets exceeded the estimated recoverable amount
based on forecasted allocation of future capital spending and the previously
announced results of production tests which deemed the Royston-1X sidetrack
well uneconomic. The impairment expense was partially offset by an aggregate
pre-tax net impairment reversal of $11,452,000 on three petroleum and natural
gas development asset cash generating-units ($3,896,000 after-tax) and
increased fourth quarter 2024 funds flow from operations. This resulted in a
net loss of $21,236,000 ($0.09 per basic share) recognized in the fourth
quarter of 2023 and $20,598,000 ($0.09 per basic share) reported in 2023.
Excluding net impairment expenses recognized in each period, fourth quarter
net earnings were $7,662,000 ($0.03 per basic and diluted share) and annual
2023 net earnings were $8,347,000 ($0.04 per basic and diluted share).
Post Year-End Highlights
· We safely and successfully drilled and cased our Cascadura-2
delineation well on the Ortoire block.
· Spudded the CO-374 well on the CO-1 block on February 28, 2024 and
spudded the Cascadura-3 well on March 1, 2024, with drilling operations
currently underway at both locations.
· We executed a binding term sheet providing for $13 million of
additional borrowing capacity from our existing Trinidad-based lender, with
the parties currently documenting an amended loan agreement.
· In February 2024, we achieved average net sales volumes of 7,081
boe/d as follows:
- Cascadura contributed net sales volumes of 5,440 boe/d consisting of:
- net natural gas sales volumes of 31.1 MMcf/d or 5,179 boe/d with a
realized price of $2.49 per Mcf; and
- net natural gas liquids volumes of 261 bbls/d with an average realized
price of $69.85 per barrel;
- Coho net average natural gas sales volumes were 2.8 MMcf/d or 469
boe/d at a realized price of $2.28 per Mcf (excluding third party processing
fees); and
- average net daily crude oil sales volumes were 1,172 bbls/d per day
with an average realized price of $69.85 per barrel.
Outlook and Guidance
Our first quarter 2024 capital program is progressing as planned with a
primary focus on Cascadura field drilling, CO-1 infill well drilling and road
and pipeline construction to tie-in our Cascadura development wells to our
natural gas facility. The majority of the estimated production from our
current capital activity is expected to be weighted to the fourth quarter of
2024. We currently forecast to maintain our preliminary 2024 guidance
announced on December 19, 2024.
2023 Financial and Operating Results Overview
Three months ended December 31, % change Year ended December 31, % change
((4)) ((4))
2023 2022 2023 2022
Operational
Average daily production
Crude oil((1)) (bbls/d) 1,133 1,274 (11) 1,181 1,340 (12)
NGLs((1)) (bbls/d) 622 - n/a 201 - n/a
Crude oil and liquids((1)) (bbls/d) 1,755 1,274 38 1,382 1,340 3
Natural gas((1)) (Mcf/d) 40,491 5,729 100 15,593 1,444 100
Average daily production (boe/d)((2)) 8,504 2,229 100 3,981 1,581 100
Average realized prices((3))
Crude oil((1)) ($/bbl) 72.26 75.10 (4) 67.80 85.52 (21)
NGLs((1)) ($/bbl) 72.92 - n/a 74.07 - n/a
Crude oil and liquids((1)) ($/bbl) 72.49 75.10 (3) 68.72 85.52 (20)
Natural gas((1)) ($/Mcf) 2.43 2.11 15 2.36 2.11 12
Realized commodity price ($/boe)((2)) 26.53 48.36 (45) 33.10 74.43 (56)
Production mix (% of production)
Crude oil and liquids((1)) 21 57 35 85
Natural gas((1)) 79 43 65 15
Operating netback ($/boe)((2))
Realized commodity price((3)) 26.53 48.36 (45) 33.10 74.43 (56)
Royalties((3)) (5.53) (15.24) (64) (8.38) (25.37) (67)
Operating expenses((3)) (3.46) (12.07) (71) (6.68) (15.64) (57)
Operating netback((3)) 17.54 21.05 (17) 18.04 33.42 (46)
Financial
($000's except per share amounts)
Petroleum and natural gas sales 20,759 9,919 100 48,098 42,944 12
Cash from (used in) operating activities 8,512 (1,189) n/a 12,743 5,752 100
Funds flow from operations 10,489 691 100 13,730 3,540 100
Net loss (21,236) (1,921) 100 (20,598) (3,197) 100
Per share - basic and diluted (0.09) (0.01) 100 (0.09) (0.01) 100
Exploration capital expenditures 595 2,290 (74) 17,638 9,788 80
Development capital expenditures 591 219 100 1,311 1,542 (15)
Capital expenditures((3)) 1,186 2,509 (53) 18,949 11,330 67
Working capital deficit (surplus)((3)) 7,581 (4,992) n/a
Principal long-term bank debt 15,000 21,000 (29)
Net debt((3)) - end of period 22,581 16,008 41
Share Information (000's)
Weighted avg. shares outstanding:
Basic and diluted 234,213 217,106 8 233,487 213,211 10
Outstanding shares - end of period 234,213 233,037 1
Notes:
(1) Refer to the "Advisories - Product Type Disclosures" for further
information.
(2) In the table above and elsewhere in this announcement, references to
"boe" mean barrels of oil equivalent that are calculated using the energy
equivalent conversion method. Refer to the "Advisories - Oil and Natural Gas
Measures" for further information.
(3) Non-GAAP financial measure. See the "Advisories - Non-GAAP Financial
Measures" for further information.
(4) Percentages have been rounded to the nearest whole number and limited
to increases or decreases of 100 percent.
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 (http://www.touchstoneexploration.com/) or
contact:
Touchstone Exploration Inc.
Paul Baay, President and Chief Executive Officer Tel: +1 (403) 750-4487
Scott Budau, Chief Financial Officer
James Shipka, Chief Operating Officer
Shore Capital (Nominated Advisor and Joint Broker)
Daniel Bush / Toby Gibbs / Iain Sexton Tel: +44 (0) 207 408 4090
Canaccord Genuity (Joint Broker)
Adam James / Ana Ercegovic Tel: +44 (0) 207 523 8000
FTI Consulting (Financial PR)
Nick Hennis / Ben Brewerton Tel: +44 (0) 203 727 1000
Email: touchstone@fticonsulting.com (mailto:touchstone@fticonsulting.com)
Advisories
Forward-Looking Statements
The information provided in this announcement contains certain 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 "expect", "plan",
"anticipate", "believe", "intend", "maintain", "continue to", "pursue",
"design", "result in", "sustain" "estimate", "potential", "growth",
"near-term", "long-term", "forecast", "contingent" and similar expressions, or
are events or conditions that "will", "would", "may", "could" or "should"
occur or be achieved. The forward-looking statements contained in this
announcement speak only as of the date hereof and are expressly qualified by
this cautionary statement.
Specifically, this announcement includes, but is not limited to,
forward-looking statements relating to: the Company's business plans,
strategies, priorities and development plans; the focus of Touchstone's 2024
capital plan, including driving future growth, pursuing developmental drilling
activities and optimizing existing natural gas and liquids infrastructure
capacity; the intended use of proceeds and expected timing of closing the loan
agreement contemplated in the binding term sheet; the Company's expectation
that the proceeds from the additional borrowing capacity contemplated in the
binding term sheet will fully fund the Company's 2024 capital program; the
anticipated increase in 2024 annual average production from 2024 capital
spending and the cash flows therefrom; anticipated timing of developmental and
exploration drilling production; expected drilling activities, including
locations and the timing thereof; anticipated timing of well tie-in operations
and production coming online; and Touchstone's current and future financial
position, including the sufficiency of resources to fund future capital
expenditures and maintain financial liquidity. The Company's actual decisions,
activities, results, performance, or achievement could differ materially from
those expressed in, or implied by, such forward-looking statements and
accordingly, no assurances can be given that any of the events anticipated by
the forward-looking statements will transpire or occur or, if any of them do,
what benefits that Touchstone will derive from them.
For further information regarding the Company's 2024 preliminary guidance and
the related advisories, refer to the announcement dated December 19, 2023
entitled "Touchstone Announces 2024 Capital Budget, Preliminary 2024 Guidance
and an Operational Update" which is available online on our SEDAR+ profile
(www.sedarplus.ca (http://www.sedarplus.ca/) ) and website
(www.touchstoneexploration.com (http://www.touchstoneexploration.com/) ).
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 2023
Annual Information Form dated March 20, 2024 which will be available under the
Company's profile on SEDAR+ (www.sedarplus.ca (http://www.sedarplus.ca/) ) and
on the Company's website (www.touchstoneexploration.com
(http://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 or intent to update publicly or revise any forward-looking
statements made herein or otherwise, whether as a result of new information,
future events or otherwise.
This announcement contains inside information for the purposes of Article 7 of
the UK version of the Market Abuse Regulation (EU) No.596/2014, which forms
part of UK law by virtue of the European Union Withdrawal) Act 2018.
Non-GAAP Financial Measures
This announcement references various non-GAAP financial measures, non-GAAP
ratios, capital management measures and supplementary financial measures as
such terms are defined in National Instrument 52-112 Non-GAAP and Other
Financial Measures Disclosure. Such measures are not recognized measures under
Canadian Generally Accepted Accounting Principles ("GAAP") and do not have a
standardized meaning prescribed by International Financial Reporting
Accounting Standards ("IFRS") and therefore may not be comparable to similar
financial measures disclosed by other issuers. Readers are cautioned that the
non-GAAP financial measures referred to herein should not be construed as
alternatives to, or more meaningful than, measures prescribed by IFRS, and
they are not meant to enhance the Company's reported financial performance or
position. These are complementary measures that are commonly used in the oil
and natural gas industry and by the Company to provide shareholders and
potential investors with additional information regarding the Company's
performance. Below is a description of the non-GAAP financial measures,
non-GAAP ratios, capital management measures and supplementary financial
measures disclosed herein.
Funds flow from operations
Funds flow from operations is included in the Company's consolidated
statements of cash flows. Touchstone considers funds flow from operations to
be a key measure of operating performance as it demonstrates the Company's
ability to generate the funds necessary to finance capital expenditures and
repay debt. Management believes that by excluding the temporary impact of
changes in non-cash operating working capital, funds flow from operations
provides a useful measure of the Company's ability to generate cash that is
not subject to short-term movements in non-cash operating working capital.
Operating netback
Touchstone uses operating netback as a key performance indicator of field
results. The Company considers operating netback to be a key measure as it
demonstrates Touchstone's profitability relative to current commodity prices
and assists Management and investors with evaluating operating results on a
historical basis. Operating netback is a non-GAAP financial measure calculated
by deducting royalties and operating expenses from petroleum and natural gas
sales. The most directly comparable financial measure to operating netback
disclosed in the Company's consolidated financial statements is petroleum and
natural gas revenue net of royalties. Operating netback per boe is a non-GAAP
ratio calculated by dividing the operating netback by total production volumes
for the period. Presenting operating netback on a per boe basis allows
Management to better analyze performance against prior periods on a comparable
basis.
Capital expenditures
Capital expenditures is a non-GAAP financial measure that is calculated as the
sum of exploration and evaluation asset expenditures and property, plant and
equipment expenditures included in the Company's consolidated statements of
cash flows and is most directly comparable to cash used in investing
activities. Touchstone considers capital expenditures to be a useful measure
of its investment in its asset base.
Working capital and net debt
Working capital and net debt are capital management measures used by
Management to monitor the Company's capital structure to evaluate its true
debt and liquidity position and to manage capital and liquidity risk. Working
capital is calculated by subtracting current liabilities from current assets
as they appear on the applicable consolidated balance sheet. Net debt is
calculated by summing the Company's working capital and the principal
(undiscounted) long-term amount of senior secured debt and is most directly
comparable to total liabilities.
Net debt to funds flow from operations ratio
The Company monitors its capital structure using a net debt to funds flow from
operations ratio, which is a non-GAAP ratio and a capital management measure
calculated as the ratio of the Company's net debt to trailing twelve months
funds flow from operations for any given period.
Supplementary Financial Measures
Realized commodity price per boe - is comprised of petroleum and natural gas
sales as determined in accordance with IFRS, divided by the Company's total
production volumes for the period.
Royalties per boe - is comprised of royalties as determined in accordance with
IFRS, divided by the Company's total production volumes for the period.
Operating expenses per boe - is comprised of operating expenses as determined
in accordance with IFRS, divided by the Company's total production volumes for
the period.
For further information, please refer to the "Advisories - Non-GAAP Financial
Measures" section of the Company's most recent Management's discussion and
analysis for the three months and year ended December 31, 2023 accompanying
our December 31, 2023 audited consolidated financial statements, both of which
will be available on our website (www.touchstoneexploration.com
(http://www.touchstoneexploration.com/) ) and under our SEDAR+ profile
(www.sedarplus.ca (http://www.sedarplus.ca/) ).
Oil and Natural Gas Measures
Where applicable, natural gas has been converted to barrels of oil equivalent
(boe) based on six thousand cubic feet (Mcf) to one barrel (bbl) of oil. The
barrel of oil equivalent rate is based on an energy equivalent conversion
method primarily applicable at the burner tip and given that the value ratio
based on the current price of crude oil as compared to natural gas is
significantly different than the energy equivalency of the 6:1 conversion
ratio, utilizing the 6:1 conversion ratio may be misleading as an indication
of value. This conversion factor is an industry accepted norm and is not based
on either energy content or prices.
Product Type Disclosures
This announcement includes references to crude oil, NGLs, natural gas, and
average daily production volumes. Under National Instrument 51-101 - Standards
of Disclosure for Oil and Gas Activities ("NI 51-101"), disclosure of
production volumes should include segmentation by product type as defined in
the instrument. In this MD&A, references to "crude oil" refer to "light
crude oil and medium crude oil" and "heavy crude oil" combined product types;
references to "NGLs" refer to condensate; and references to "natural gas"
refer to the "conventional natural gas" product type, all as defined in the
instrument. In addition, references to "crude oil and liquids" herein include
crude oil and NGLs.
For information regarding specific product disclosures in accordance with NI
51-101, please refer to the "Advisories - Product Type Disclosures" section in
the Company's most recent Management's discussion and analysis for the three
months and year ended December 31, 2023 accompanying our December 31, 2023
audited consolidated financial statements, both of which will be available on
our website (www.touchstoneexploration.com
(http://www.touchstoneexploration.com/) ) and under our SEDAR+ profile
(www.sedarplus.ca (http://www.sedarplus.ca/) ).
Abbreviations
The following abbreviations are referenced in this announcement:
bbls/d barrels per day
Mcf thousand cubic feet
boe barrels of oil equivalent
Mcf/d thousand cubic feet per day
boe/d barrels of oil equivalent per day
MMcf million cubic feet
NGLs natural gas liquids
MMcf/d million cubic feet per day
Touchstone Exploration Inc.
Consolidated Balance Sheets
Stated in thousands of United States dollars
As at December 31, December 31, 2022
2023
Assets
Current assets
Cash 8,186 16,335
Accounts receivable 12,852 7,487
Inventory 91 129
Prepaid expenses 764 1,342
Assets held for sale 677 1,122
22,570 26,415
Exploration and evaluation assets 5,030 51,352
Property, plant and equipment 108,148 67,162
Restricted cash 785 1,021
Other assets 334 481
Abandonment fund 2,081 1,446
Total assets 138,948 147,877
Liabilities
Current liabilities
Accounts payable and accrued liabilities 15,013 12,737
Income taxes payable 240 1,014
Current portion of bank debt 13,000 6,000
Liabilities associated with assets held for sale 1,898 1,672
30,151 21,423
Lease liabilities 2,888 1,373
Bank debt 14,977 20,962
Decommissioning liabilities 9,733 11,182
Deferred income taxes 21,433 14,557
Total liabilities 79,182 69,497
Shareholders' equity
Shareholders' capital 114,965 114,635
Contributed surplus 6,166 4,905
Other comprehensive loss (13,124) (13,517)
Deficit (48,241) (27,643)
Total shareholders' equity 59,766 78,380
Total liabilities and shareholders' equity 138,948 147,877
Touchstone Exploration Inc.
Consolidated Statements of Loss and Comprehensive Loss
Stated in thousands of United States dollars (except per share amounts)
Year ended December 31,
2023 2022
Revenue
Petroleum and natural gas sales 48,098 42,944
Less: royalties (12,173) (14,641)
Petroleum and natural gas revenue, net of royalties 35,925 28,303
Other revenue 64 42
Total revenue 35,989 28,345
Expenses
Operating 9,705 9,022
General and administration 9,451 7,775
Net finance 2,453 3,042
Net (gain) loss on asset dispositions (800) 726
Foreign exchange gain (196) (333)
Equity-based compensation 1,243 1,341
Depletion and depreciation 6,009 4,333
Impairment 21,389 195
Other (552) 794
Total expenses 48,702 26,895
(Loss) earnings before income taxes (12,713) 1,450
Provision for income taxes
Current expense 1,106 4,648
Deferred expense (recovery) 6,779 (1)
Total income tax expense 7,885 4,647
Net loss (20,598) (3,197)
Currency translation adjustments 393 (298)
Comprehensive loss (20,205) (3,495)
Net loss per common share
Basic and diluted (0.09) (0.01)
Touchstone Exploration Inc.
Consolidated Statements of Changes in Shareholders' Equity
Stated in thousands of United States dollars
Year ended December 31,
2023 2022
Shareholders' capital
Balance, beginning of year 114,635 101,757
Private placements, net of fees - 12,269
Equity-based settlements 330 609
Balance, end of year 114,965 114,635
Contributed surplus
Balance, beginning of year 4,905 3,466
Equity-based settlements (120) (215)
Equity-based compensation expense 1,243 1,341
Equity-based compensation capitalized 138 313
Balance, end of year 6,166 4,905
Other comprehensive loss
Balance, beginning of year (13,517) (13,219)
Other comprehensive income (loss) 393 (298)
Balance, end of year (13,124) (13,517)
Deficit
Balance, beginning of year (27,643) (24,446)
Net loss (20,598) (3,197)
Balance, end of year (48,241) (27,643)
Touchstone Exploration Inc.
Consolidated Statements of Cash Flows
Stated in thousands of United States dollars
Year ended December 31,
2023 2022
Operating activities
Net loss (20,598) (3,197)
Items not involving cash from operations:
Net (gain) loss on asset dispositions (800) 726
Unrealized foreign exchange gain (194) (288)
Equity-based compensation expense 1,243 1,341
Depletion and depreciation expense 6,009 4,333
Impairment expense 21,389 195
Other (80) 561
Deferred income tax expense (recovery) 6,779 (1)
Decommissioning expenditures (18) (130)
Funds flow from operations 13,730 3,540
Net change in non-cash operating working capital (987) 2,212
Cash from operating activities 12,743 5,752
Investing activities
Exploration and evaluation expenditures (17,638) (9,788)
Property, plant and equipment expenditures (1,311) (1,542)
Abandonment fund expenditures (626) (160)
Proceeds from asset dispositions 250 1,346
Net change in non-cash investing working capital (1,790) (6,332)
Cash used in investing activities (21,115) (16,476)
Financing activities
Changes in restricted cash 236 157
Net advance (repayment) of bank debt 1,000 (3,000)
Net finance lease payments (692) (206)
Issuance of common shares, net of fees 210 12,663
Other liability payments (469) (573)
Net change in non-cash financing working capital (155) 11
Cash from financing activities 130 9,052
Decrease in cash (8,242) (1,672)
Cash, beginning of year 16,335 17,936
Impact of foreign exchange on foreign denominated cash balances 93 71
Cash, end of year 8,186 16,335
Supplementary information for cash from operating activities:
Interest paid in cash 2,241 2,273
Income taxes paid in cash 1,880 3,886
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 (mailto:rns@lseg.com)
or visit
www.rns.com (http://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 (https://www.lseg.com/privacy-and-cookie-policy)
. END FR QKKBDKBKBPNBRecent news on Touchstone Exploration
See all newsREG - Touchstone Explrtn. - CLOSING OF EXPANDED BANK FACILITIES
AnnouncementREG - Touchstone Explrtn. - OPERATIONAL UPDATE
AnnouncementREG - Touchstone Explrtn. - EMPLOYEE PURCHASE PLAN & DIRECTOR / PDMR PURCHASES
AnnouncementREG - Touchstone Explrtn. - ANNUAL 2023 FINANCIAL AND OPERATING RESULTS
AnnouncementREG - Touchstone Explrtn. - EXPANDED BANK DEBT AND DRILLING UPDATE
Announcement