Touchstone Exploration shares fall 14% as going concern warning overshadows full-year results

The Trinidad-focused institution said it could breach nett elder funded indebtedness and indebtedness work sum covenants arsenic of 31 December this year, which could render its slope indebtedness instantly repayable, portion a moving superior shortage of $15.4 cardinal astatine the twelvemonth extremity leaves constricted headroom.

Management said it was successful progressive discussions with its lender regarding imaginable amendments oregon waivers and was prepared to instrumentality contingency measures, including optimising superior expenditure oregon raising further indebtedness oregon equity financing if required.

The informing accompanied full-year results for 2025 that showed gross autumn 20% to $45.8 million, with funds travel from operations down 68% to $5.4 million, arsenic little earthy state accumulation and weaker crude lipid and liquids pricing weighed connected performance.

Annual accumulation averaged 4,686 barrels of lipid equivalent per day, an 18% diminution from 5,734 successful 2024, though the May 2025 acquisition of Shell Trinidad's Central Block, which contributed astir 2,095 barrels per day, partially offset earthy declines astatine the Cascadura field.

Net income for the twelvemonth was $10.9 million, up from $8.3 cardinal successful 2024, though the betterment reflected a $12.6 cardinal deferred taxation betterment and a $5.0 cardinal summation connected plus dispositions alternatively than underlying trading performance.

Net indebtedness roseate to $72.9 cardinal from $29.1 cardinal a twelvemonth earlier, reflecting borrowings taken connected to concern the Central Block acquisition.