TIDMTXP
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 ) and on our website (
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 % change Year ended December % change
ended December 31,
31,
------------------------------- --------- ---------
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 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
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 ) and on the Company's
website ( 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 ) and under our SEDAR profile (
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 Year ended December
December 31, 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 December
31, 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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FR NKNBNKBKBANB
(END) Dow Jones Newswires
March 24, 2023 03:00 ET (07:00 GMT)
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