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Touchstone sees bright future in T&T

Published: 
Thursday, June 14, 2018
President and CEO of Touchstone Exploration, Paul Baay, left, speaks with chief operations officer James Shipka, director and corporate secretary Tom Valentine, chief financial officer Scott Budau and chairman John Wright, during the Touchstone Exploration AGM at the Hyatt Regency, Port-of-Spain, yesterday . PICTURE ANISTO ALVES

Touchstone Exploration’s strong financial performance reflects its optimism in T&T’s economic environment, CEO Paul Baay said yesterday.

“We have spent almost US$71 million in Trinidad and Tobago over the last seven years onshore. Our goal is to be the largest onshore producer here in Trinidad and Tobago,” he said in an interview following the company’s annual general meeting at the Hyatt Regency, Port-of-Spain.

Touchstone, which is headquartered in Canada and listed on the London and Toronto Stock Exchanges, is one of the largest independent onshore oil producers in T&T.

Commenting on the company’s financial performance in the last fiscal year, Baay said: “We had about US$4.5 million in cash flow this year. That is up by about $250,000 from the year before, so we have seen a huge improvement and when we look forward into the next year, we are looking at about US$14 million in 2018.”

He attributed the company’s strong performance to their drilling activity. “We have drilled wells that produced better than what we thought and with rising oil prices over the last year, the wells have come on much better than we had targeted and we have got the operating costs down. It is turning into a very profitable organisation,” he said.

Baay is optimistic about doing business in T&T and the future.

“It is going to be our most active time in seven years. Our programme is going to double from ten to 20 wells next year. We will go from a $4 million to about a $20 million capital budget next year,” he said.

“Part of that is that there are world class oil and gas reserves onshore in Trinidad.”

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