- Oil company Touchstone Exploration has posted a 24% decline in annual crude oil sales and recognised a net loss of $11,030,000 amid 'volatile' global oil prices.

The company reported annual crude oil sales of 1,392 barrels per day in the year ended 31 December 2020, compared to the 1,825 bbls/d produced in 2019, and said crude oil production has reduced due to the ongoing impact of natural declines, 'reflecting a strategic focus on our Ortoire exploration program which has limited development capital investment'.

During the year, it executed a high impact, incident-free $17,861,000 exploration program, primarily focused on drilling two gross wells.

Touchstone Exploration announced that despite limited capital and operational development asset investment and considerably lower crude oil pricing, it generated funds flow from operations of $263,000 versus $6,840,000 generated in the prior year, and an operating netback of $14.49 per barrel.

Chief executive and president Paul Baay said: '2020 presented significant challenges to the wider oil and gas industry due to the impact of COVID-19 on working operations and the volatile nature of global oil prices.

'It is against that backdrop that I am delighted to report another year of significant progress at Touchstone in which we have enhanced our financial position significantly, encountered major natural gas discoveries as well as signed a historic long-term natural gas sales agreement with the National Gas Company of Trinidad and Tobago.'

At 9:41am: [LON:TXP] Touchstone Exploration Inc share price was 0p at 104p

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