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Fourth quarter and Twelve months report 2012

2013-02-12T08:24:00 CET

(For complete report see attached file)

FOURTH QUARTER 2012

  • Field development plan was approved and commerciality was obtained for Block 3 and 4 in December 2012

  • Record gross production from Oman of 400,324 barrels corresponding to 4,351 barrels per day

  • Net sales of MSEK 170 (MSEK 50)

  • Net result after tax MSEK 145 (MSEK 44)

  • Earnings per share before and after dilution of SEK 4.07 (SEK 1.36)

TWELVE MONTHS 2012

  • A secured three-year bond loan of MSEK 400 issued in September 2012

  • Record gross production from Oman of 1,345,854 barrels corresponding to 3,677 barrels per day

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

  • Net sales of MSEK 584 (MSEK 104)

  • Net result after tax MSEK 314 (MSEK 69) - significantly impacted by write downs

  • Write downs mainly regarding Block 15 and projects in France of MSEK 118 (MSEK -)

  • Earnings per share before and after dilution of SEK 9.11 (SEK 2.12)

SUBSEQUENT EVENTS

  • In January 2013 Mitsui made the final recovery of carry of MUSD 2 from Tethys' share of cost oil and paid Tethys a bonus payment of MUSD 10

Tethys first reserve report will be published on February 20, 2013. 1P-reserves as at year end 2012, are expected to have increased compared to 1C contingent resources as of June 30, 2012. The 2P reserves are expected to be roughly in line with 2C contingent resources as of June 30, 2012.

MSEK (unless specifically stated) 1 Jan 2012 - 31 Dec 2012  12 months 1 Oct 2012 - 31 Dec 2012  3 months 1 Jan 2011 - 31 Dec 2011  12 months 1 Oct 2011 - 31 Dec 2011  3 months
Production, before government take (bbl) 1,345,854 400,324 423,469 197,916
Net sales, after government take (bbl) 776,248 225,518 147,228 69,574
Average selling price per barrel, USD 110.35 111.71 107.37 109.37
Net sales of oil and gas 584 170 104 50
Operating result 336 152 83 44
EBITDA 509 193 84 45
Result for the period 314 145 69 44
Earnings per share before and after dilution, SEK 9.11 4.07 2.12 1.36
Cash and cash equivalents 248 248 93 93
Shareholders' equity 860 860 456 456
Long term debt 417 417 - -
Investments 875 280 208 36

   

For further information, please contact

Magnus Nordin, Managing Director, phone +46 8 505 947 02; magnus@tethysoil.com

or

Morgan Sadarangani, CFO, phone +46 8 505 947 01; 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).