PANAMA CITY, PANAMA (Piero Stewart, Energy Analytics Institute, 6.Mar.2025) — Touchstone Exploration Inc. said its gross 1P reserves reached 29,070 thousand barrels of oil equivalent (Mboe) in 2024, down 14% compared to 2023, while its gross 2P reserves reached 50,063 Mboe in 2024, down 26% compared to 2023.
Touchstone said its net present value of future net revenues discounted at 10% (NPV10) on a before tax 1P basis fell 5% to $354.4mn in 2024 compared to 2023, while on a 2P basis it fell 8% to $671mn, the Calgary-based company said 6 Mar. 2025 in its year-end 2024 financial press release.
“Our year-end 2024 reserves report highlights the substantial potential of our asset base in Trinidad with the NPV10 of future net revenues of 2P reserves valued at approximately $671 million and $309 million on a before tax and after-tax basis, respectively. The combination of our base crude oil production and the early-stage development of our natural gas properties supports our ongoing transition from an exploration- driven company to one focused on predictable production growth,” Touchstone president and CEO Paul Baay said in the press release.
“The reserve estimates for this year reflect a material balance assessment approach based on the data collected at Cascadura. This revised methodology, compared to the previous volumetric interpretation, aligns reserve estimates with our forecasted production curves,” Baay said.
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“The addition of light oil reserves from the Cascadura-3ST1 discovery underscores the significant potential of this emerging play. While the current reserves include a limited number of future crude oil drilling locations, we plan to expand this potential through further delineation and development in the Rio Claro block,” Baay said. “A key highlight of the year is the previously announced acquisition of Shell Trinidad Central Block Limited, which provides access to the lucrative Trinidad liquefied natural gas market. Notably, our year-end 2024 reserves report does not reflect any additional reserves from the proposed acquisition. An independent evaluation of the acquired reserves will be provided following the expected completion of the proposed transaction.”
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By Piero Stewart reporting from Panama City. © 2025 Energy Analytics Institute (EAI). All Rights Reserved.
