REG - Touchstone Explrtn. - Full Year 2022 Results
24/03/2023 07:00
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RNS Number : 0832U Touchstone Exploration Inc. 24 March 2023
ANNUAL 2022 FINANCIAL AND OPERATING RESULTS
CALGARY, ALBERTA (March 24, 2023) - Touchstone Exploration Inc. ("Touchstone",
"we", "our", "us" or the "Company") (TSX, LSE: TXP) reports its operating and
financial results for the three months and year ended December 31, 2022.
Selected information is outlined below and should be read in conjunction with
our December 31, 2022 audited consolidated financial statements, the related
Management's discussion and analysis and our December 31, 2022 Annual
Information Form, all of which will be available under our profile on SEDAR
(www.sedar.com (http://www.sedar.com/) ) and on our website
(www.touchstoneexploration.com (http://www.touchstoneexploration.com/) ).
Unless otherwise stated, all financial amounts herein are rounded to thousands
of United States dollars.
Fourth Quarter 2022 Financial and Operating Highlights
· Achieved initial natural gas production from our Coho-1 well,
which produced average net volumes of 5,729 Mcf/d (955 boe/d) in the quarter
and contributed $1,114,000 of net natural gas sales.
· Produced quarterly average volumes of 2,229 boe/d, a 67 percent
increase relative to the 1,336 boe/d produced in the prior year equivalent
quarter.
· Realized petroleum and natural gas sales of $9,919,000 compared
to $8,212,000 in the prior year equivalent quarter, reflecting natural gas
sales from Coho and a 12 percent increase in average crude oil pricing in the
fourth quarter of 2022.
· Generated an operating netback of $4,319,000, representing a 17
percent increase from the prior year equivalent quarter. Operating netbacks
were $21.05 per boe, a 30 percent decrease from the $29.96 per boe reported in
the fourth quarter of 2021, attributed to natural gas volumes brought online
in the quarter.
· Recognized current income tax expenses of $1,092,000 in the
quarter compared to $208,000 in the fourth quarter of 2021, driven by $979,000
in supplemental petroleum tax expenses based on our average realized crude oil
price exceeding the $75.00 per barrel threshold in the period.
· Reported funds flow from operations of $691,000 in the quarter
compared to $1,309,000 in the prior year equivalent quarter, as a $637,000
increase in operating netbacks was offset by increased general and
administration, term loan interest and current income tax expenses.
· Recognized a net loss of $1,921,000 ($0.01 per basic share) in
the quarter compared to net earnings of $6,514,000 ($0.03 per basic and
diluted share) reported in the same period of 2021, principally driven by
$6,323,000 of impairment reversals (net of tax) recorded on December 31, 2021.
· Following the December Canadian and United Kingdom private
placements that raised net proceeds of $12,269,000, we exited the quarter with
a cash balance of $16,335,000, a working capital surplus of $4,992,000 and a
principal balance of $27,000,000 remaining on our term credit facility,
resulting in a net debt position of $16,008,000.
Annual 2022 Financial and Operating Highlights
· Commissioned and delivered natural gas from the Coho facility on
October 10, 2022, representing the first onshore natural gas field to come
onstream in Trinidad in 20 years.
· Reported average daily production volumes of 1,581 boe/d,
reflecting an 18 percent increase from 2021. Relative to 2021, the 2022 annual
increase was attributed to incremental natural gas production from the Coho-1
well, as average 2022 crude oil and liquids production were consistent with
2021 levels.
· Generated funds flow from operations of $3,540,000 (2021 -
$4,172,000) and an annual operating netback of $19,281,000 or $33.42 per boe
(2021 - $13,031,000 and $26.55 per boe).
· Recognized a net loss of $3,197,000 ($0.01 per basic share)
compared to net earnings of $5,719,000 ($0.03 per basic and diluted share) in
2021, primarily attributed to $6,323,000 in impairment reversals (net of tax)
recognized in the prior year based on increased forecasted crude oil pricing.
· We executed an incident-free $11,330,000 capital program,
primarily focused on completing the Coho natural gas facility and progressing
construction of the Cascadura natural gas and liquids facility. Cascadura
facility construction operations commenced in October 2022 following receipt
of all required regulatory approvals.
· Formally executed an extension of the exploration period of the
Ortoire licence to July 31, 2026, allowing us to continue exploration
activities on acreage that have not been deemed commercial. The gross
1,317-acre Coho area and the gross 2,377-acre Cascadura area were previously
approved for commercial development in February 2021 and March 2022,
respectively.
· Responsible operations remained a top priority throughout 2022,
as Touchstone had no lost time injuries and released its second sustainability
report encompassing the 2021 year. We proactively responded to the June 2022
vandalism incident that resulted in a crude oil spill and are pleased to
report that all reclamation efforts were completed in September 2022.
Post Period-End Highlights
· Net average natural gas volumes from Coho-1 were 900 boe/d and
864 boe/d in January 2023 and February 2023, respectively.
· Daily crude oil sales averaged 1,286 bbls/d in January 2023 with
a realized price of $66.48 per barrel and averaged 1,341 bbls/d in February
2023 with a realized price of $67.14 per barrel.
· The National Gas Company Of Trinidad and Tobago Limited ("NGC")
notified us that they expect to be ready to receive first natural gas from the
Cascadura facility on or about June 30, 2023. We remain on track to complete
the Cascadura facility prior to this date to ensure production can commence as
soon as NGC is in a position to receive first natural gas.
· We safely reached budgeted total depth of our Royston-1X
sidetrack well on the Ortoire block on February 24, 2023. The well has been
cased, and we expect to commence production testing in late March 2023.
· In January 2023, we entered into an asset exchange agreement for
certain onshore Trinidad assets with a privately held Trinidadian entity.
Pursuant to the agreement, we agreed to swap our operated 100 percent working
interests in the Fyzabad, San Francique and Barrackpore producing blocks for
the counterparty's working interest in the Rio Claro, Balata East and Balata
East Deep Horizons blocks for no cash consideration with the asset exchange
becoming effective upon closing. The agreement remains subject to certain
closing conditions, including receipt of applicable regulatory approvals and
an extension of the Rio Claro licence.
Financial and Operating Results Summary
Three months ended December 31, % change Year ended December 31, % change
2022 2021 2022 2021
Operational
Average daily production
Crude oil((1)) (bbls/d) 1,274 1,336 (5) 1,340 1,342 -
NGLs((1)) (bbls/d) - - - - 2 n/a
Crude oil and liquids (bbls/d) 1,274 1,336 (5) 1,340 1,344 -
Natural gas((1)) (Mcf/d) 5,729 - n/a 1,444 - n/a
Average daily production (boe/d)((2)) 2,229 1,336 67 1,581 1,344 18
Average realized prices((3))
Crude oil((1)) ($/bbl) 75.10 66.81 12 85.52 60.28 42
NGLs((1)) ($/bbl) - - - - 46.32 n/a
Crude oil and liquids ($/bbl) 75.10 66.81 12 85.52 60.25 42
Natural gas((1)) ($/Mcf) 2.11 - n/a 2.11 - n/a
Realized commodity price ($/boe)((2)) 48.36 66.81 (28) 74.43 60.25 24
Production mix (% of production)
Crude oil and liquids 57 100 85 100
Natural gas((1)) 43 - 15 -
Operating netback ($/boe)((2))
Realized commodity price((3)) 48.36 66.81 (28) 74.43 60.25 24
Royalties((3)) (15.24) (22.15) (31) (25.37) (18.85) 35
Operating expenses((3)) (12.07) (14.70) (18) (15.64) (14.85) 5
Operating netback((3)) 21.05 29.96 (30) 33.42 26.55 26
Financial
($000's except per share amounts)
Petroleum and natural gas sales 9,919 8,212 21 42,944 29,568 45
Cash (used in) from operating activities (1,189) 1,406 n/a 5,752 1,611 257
Funds flow from operations((3)) 691 1,309 (47) 3,540 4,172 (15)
Net (loss) earnings (1,921) 6,514 n/a (3,197) 5,719 n/a
Per share - basic and diluted (0.01) 0.03 n/a (0.01) 0.03 n/a
Exploration capital expenditures 2,290 2,946 (22) 9,788 20,106 (51)
Development capital expenditures 219 5,190 (96) 1,542 7,757 (80)
Capital expenditures((3)) 2,509 8,136 (69) 11,330 27,863 (59)
Working capital surplus((3)) (4,992) (6,925) (28)
Principal long-term bank loan 21,000 27,000 (22)
Net debt((3)) - end of period 16,008 20,075 (20)
Share Information (000's)
Weighted average shares - basic 217,106 210,732 3 213,211 210,160 1
Weighted average shares - diluted 217,106 218,102 - 213,211 217,678 (2)
Outstanding shares - end of period 233,037 210,732 11
Notes:
(1) In the table above and elsewhere in this announcement, references to
"crude oil" refers to light and medium crude oil and heavy crude product types
combined; references to "NGLs" refers to condensate; and references to
"natural gas" refers to conventional natural gas, all as defined in National
Instrument 51-101 Standards of Disclosure for Oil and Gas Activities ("NI
51-101"). Refer to "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 "Advisories - Oil and Natural Gas
Measures" for further information.
(3) Non-GAAP financial measure. Refer to "Advisories - Non-GAAP
Financial Measures" for further information.
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 / Gordon
Hamilton
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
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. The forward-looking
statements contained in this announcement speak only as of the date thereof
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 development and
exploration plans and strategies, including Cascadura facility construction
operations and the expected timing of completion and initial production
therefrom, as well as the timing of anticipated Royston-1X well completion and
testing operations; the anticipated closing of the asset exchange transaction,
including the anticipated future receipt and timing of regulatory approvals
including the required licence extension and the timing thereof; and
Touchstone's current and future financial position including the sufficiency
of resources 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 2022
Annual Information Form dated March 23, 2023 which will be available under the
Company's profile on SEDAR (www.sedar.com (http://www.sedar.com/) ) 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.
Non-GAAP Financial Measures
This announcement may reference 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
GAAP and do not have a standardized meaning prescribed by International
Financial Reporting Standards ("IFRS" or "GAAP") 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 in this announcement.
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 existing asset base.
Working capital and net debt
Touchstone closely monitors its capital structure with a goal of maintaining a
strong financial position to fund current operations and future growth.
Working capital and net debt are capital management measures used by
Management to steward the Company's overall debt position and assess overall
financial strength. Working capital is calculated as current assets minus
current liabilities as they appear on the consolidated balance sheets. Net
debt is calculated by summing the Company's working capital and the principal
(undiscounted) long-term amount of senior secured debt.
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 information regarding such measures, including reconciliations to the
nearest GAAP measures, please refer to the "Advisories - Non-GAAP Financial
Measures" section in the Company's Management's discussion and analysis for
the year ended December 31, 2022 accompanying our 2022 audited consolidated
financial statements which are available on our website
(www.touchstoneexploration.com (http://www.touchstoneexploration.com/) ) and
under our SEDAR profile (www.sedar.com (http://www.sedar.com/) ).
Oil and Natural Gas Measures
Where applicable, natural gas has been converted to barrels of oil equivalent
based on six thousand cubic feet to one barrel 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.
Product Type Disclosures
This announcement includes references to crude oil, NGLs, natural gas, total
production and average daily production. Under NI 51-101, disclosure of
production volumes should include segmentation by product type as defined in
the instrument. In this announcement, references to "crude oil" refers to
"light crude oil and medium crude oil" and "heavy crude oil" combined product
types; references to "NGLs" refers to condensate; and references to "natural
gas" refers to the "conventional natural gas" product type, all as defined in
the instrument.
The Company's total and average production for the three months and years
ended December 31, 2022 and 2021 and the references to "crude oil", "NGLs" and
"natural gas" disclosed herein consist of the following product types as
defined in NI 51-101 using a conversion of 6 Mcf to 1 boe where applicable.
Three months ended December 31, Year ended December 31,
2022 2021 2022 2021
Production
Light and medium crude oil (bbls) 111,114 113,724 461,612 447,619
Heavy crude oil (bbls) 6,126 9,193 27,524 42,280
Crude oil (bbls) 117,240 122,917 489,136 489,899
NGLs - condensate (bbls) - - - 842
Conventional natural gas (Mcf) 527,105 - 527,105 -
Total production (boe) 205,091 122,917 576,987 490,741
Average daily production
Light and medium crude oil (bbls/d) 1,207 1,236 1,265 1,226
Heavy crude oil (bbls/d) 67 100 75 116
Crude oil (bbls/d) 1,274 1,336 1,340 1,342
NGLs - condensate (bbls/d) - - - 2
Conventional natural gas (Mcf/d) 5,729 - 1,444 -
Average daily production (boe/d) 2,229 1,336 1,581 1,344
Abbreviations
bbl(s) barrel(s)
bbls/d barrels per day
boe barrels of oil equivalent
boe/d barrels of oil equivalent per day
Mcf thousand cubic feet
Mcf/d thousand cubic feet per day
NGLs natural gas liquids
Touchstone Exploration Inc.
Consolidated Balance Sheets
Stated in thousands of United States dollars
As at December 31, December 31, 2021
2022
Assets
Current assets
Cash 16,335 17,936
Accounts receivable 7,487 7,546
Inventory 129 143
Prepaid expenses 1,342 1,055
Assets held for sale 1,122 1,176
26,415 27,856
Exploration and evaluation assets 51,352 50,760
Property, plant and equipment 67,162 61,275
Restricted cash 1,021 1,178
Other assets 481 673
Abandonment fund 1,446 1,278
Total assets 147,877 143,020
Liabilities
Current liabilities
Accounts payable and accrued liabilities 12,737 16,000
Income taxes payable 1,014 236
Current portion of term loan 6,000 3,000
Liabilities associated with assets held for sale 1,672 1,695
21,423 20,931
Lease liabilities 1,373 2,265
Term loan 20,962 26,896
Other liabilities - 908
Decommissioning liabilities 11,182 10,012
Deferred income taxes 14,557 14,450
Total liabilities 69,497 75,462
Shareholders' equity
Shareholders' capital 114,635 101,757
Contributed surplus 4,905 3,466
Other comprehensive loss (13,517) (13,219)
Deficit (27,643) (24,446)
Total shareholders' equity 78,380 67,558
Total liabilities and shareholders' equity 147,877 143,020
Touchstone Exploration Inc.
Consolidated Statements of Earnings (Loss) and Comprehensive Income (Loss)
Stated in thousands of United States dollars (except per share amounts)
Year ended December 31,
2022 2021
Revenue
Petroleum and natural gas sales 42,944 29,568
Less: royalties (14,641) (9,251)
Petroleum and natural gas revenue, net of royalties 28,303 20,317
Other revenue 42 40
Total revenue 28,345 20,357
Expenses
Operating 9,022 7,286
General and administration 7,775 6,301
Net finance 3,042 1,437
Net loss (gain) on asset dispositions 726 (21)
Foreign exchange (gain) loss (333) 185
Equity-based compensation 1,341 888
Depletion and depreciation 4,333 3,415
Impairment (reversal) 195 (13,674)
Other 794 -
Total expenses 26,895 5,817
Earnings before income taxes 1,450 14,540
Provision for income taxes
Current expense 4,648 1,358
Deferred (recovery) expense (1) 7,463
Total income tax expense 4,647 8,821
Net (loss) earnings (3,197) 5,719
Currency translation adjustments (298) 112
Comprehensive (loss) income (3,495) 5,831
Net (loss) earnings per common share
Basic and diluted (0.01) 0.03
Touchstone Exploration Inc.
Consolidated Statements of Changes in Shareholders' Equity
Stated in thousands of United States dollars
Year ended December 31,
2022 2021
Shareholders' capital
Balance, beginning of year 101,757 101,385
Private placements, net of fees 12,269 -
Equity-based settlements 609 372
Balance, end of year 114,635 101,757
Contributed surplus
Balance, beginning of year 3,466 2,476
Equity-based settlements (215) (132)
Equity-based compensation expense 1,341 888
Equity-based compensation capitalized 313 234
Balance, end of year 4,905 3,466
Other comprehensive loss
Balance, beginning of year (13,219) (13,331)
Other comprehensive (loss) income (298) 112
Balance, end of year (13,517) (13,219)
Deficit
Balance, beginning of year (24,446) (30,165)
Net (loss) earnings (3,197) 5,719
Balance, end of year (27,643) (24,446)
Touchstone Exploration Inc.
Consolidated Statements of Cash Flows
Stated in thousands of United States dollars
Year ended December 31,
2022 2021
Operating activities
Net (loss) earnings (3,197) 5,719
Items not involving cash from operations:
Net loss (gain) on asset dispositions 726 (21)
Unrealized foreign exchange gain (288) (288)
Equity-based compensation 1,341 888
Depletion and depreciation 4,333 3,415
Impairment (reversal) 195 (13,674)
Other 561 679
Deferred income tax (recovery) expense (1) 7,463
Decommissioning expenditures (130) (9)
Funds flow from operations 3,540 4,172
Net change in non-cash operating working capital 2,212 (2,561)
Cash from operating activities 5,752 1,611
Investing activities
Exploration and evaluation expenditures (9,788) (20,106)
Property, plant and equipment expenditures (1,542) (7,757)
Abandonment fund expenditures (160) (112)
Proceeds from asset dispositions 1,346 229
Net change in non-cash investing working capital (6,332) (1,645)
Cash used in investing activities (16,476) (29,391)
Financing activities
Changes in restricted cash 157 (884)
(Repayment) advance of term loan (3,000) 22,396
Other liability payments (573) (392)
Net finance lease payments (206) (326)
Issuance of common shares, net of fees 12,663 240
Net change in non-cash financing working capital 11 48
Cash from financing activities 9,052 21,082
Decrease in cash (1,672) (6,698)
Cash, beginning of year 17,936 24,281
Impact of foreign exchange on foreign denominated cash balances 71 353
Cash, end of year 16,335 17,936
Supplementary information for cash flow from operating activities
Interest paid in cash 2,273 709
Income taxes paid in cash 3,886 1,122
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