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Third quarter and Nine months report 2012

2012-11-12T08:40:00 CET

(For complete interim report see attached file) Third quarter 2012

Third quarter 2012

  • 8 wells drilled on Blocks 3 and 4 in Oman

  • Successful exploration well on Block 4 Oman - initial flow rate of 2,400 barrels per day

  • Record gross production from Oman of 358,968 barrels corresponding to 3,902 barrels per day

  • A secured three-year bond loan of MSEK 400 issued

  • Net sales of MSEK 116

  • Net result MSEK 46

  • Earnings per share of SEK 1.35

Nine Months 2012

  • Export pipeline works completed on Block 3 and 4 Oman - launched in June

  • 41 per cent increase in 2C contingent resources to 13.8 million barrels

  • Record gross production from Oman of 945,530 barrels corresponding to 3,451 barrels per day

  • MSEK 120 raised in private placement of 3 million shares in May 2012

  • Net sales of MSEK 414

  • Net result MSEK 169 - significantly impacted by write downs

  • Write downs MSEK 113

  • Earnings per share of SEK 4.97

Subsequent envents

  • October total field production from Blocks 3 and 4 onshore Oman averaged 13,814 barrels per day

  • In October, a Tethys affiliate participated in farming out a Lithuanian license to Chevron

MSEK (unless specifically stated) 1 Jan 2012 - 30 Sep 2012  9 months 1 Jul 2012 - 30 Sep 2012  3 months 1 Jan 2011 - 30 Sep 2011  9 months 1 Jul 2011 - 30 Sep 2011  3 months 1 Jan 2011 - 31 Dec 2011  12 months
Production, before government take (bbl) 945,530 358,968 225,554 142,305 423,469
Net sales, after government take (bbl) 549,720 169,303 77,654 56,751 147,228
Average selling price per barrel, USD 109.99 101.09 106.73 111.79 107.37
Net sales of oil and gas 414 116 54 41 104
Operating result 167 62 39 36 83
EBITDA 316 78 39 36 84
Result for the period 169 46 25 39 69
Earnings per share, SEK 4.97 1.35 0.76 1.19 2.12
Cash and cash equivalents 323 323 60 60 93
Shareholders' equity 715 715 405 405 456
Long term debt 403 403 - - -
Investments 589 147 172 151 208

Tethys Oil is a Swedish energy company focused on exploration and production of oil and natural gas. Tethys Oil's core area is Oman, where the company is one of the largest onshore oil and gas concession holders. Tethys Oil also have exploration and production assets onshore France, Lithuania and Sweden.

The shares are listed on First North (TETY) in Stockholm. Remium AB is Certified Adviser.

For further information, please contact  

Magnus Nordin, Managing Director, phone +46 8 679 49 95; magnus@tethysoil.com

or

Morgan Sadarangani, CFO, phone +46 8 679 49 91; morgan@tethysoil.com

Bilagor

Om Tethys Oil

Tethys Oil är ett svenskt oljebolag med fokus på onshoreområden med kända oljefynd. Tethys kärnområde är Oman, där bolaget har 22 miljoner fat i bevisade och sannolika oljereserver och 17 miljoner fat i betingade resurser 2C. Under 2017 hade Tethys Oil en genomsnittlig oljeproduktion om 12 162 fat om dagen från Block 3&4. Tethys Oil har också prospekteringstillgångar onshore Frankrike och Litauen och viss produktion i Litauen. Aktierna är noterade på Nasdaq Stockholm (TETY).