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Half year and second quarter report 2013

2013-08-20T08:29:00 CET

Second quarter 2013

  • Production from Oman and Lithuania of 399,839 barrels corresponding to 4,394 barrels per day
  • Tethys Oil approved for listing on NASDAQ OMX Stockholm
  • Drilling program with 3 appraisal wells launched on B4EW4 structure on Block 4 in Oman
  • An additional drilling rig, the third in operation within the Block 3 and 4 area, has been employed
  • Lithuania exploration well flows small amounts of oil and confirms presence of an active petroleum system
  • Net sales of MSEK 110 (MSEK 154)
  • Net result after tax MSEK 39 (MSEK 15)
  • Earnings per share before and after dilution of SEK 1.10 (SEK 0.46)
  • Second quarter sales negatively impacted by timing differences following over and under lift adjustments
  • The investment budget has been extended from MSEK 300 to MSEK 355 to fund appraisal drilling and additional seismic


Half year 2013

  • Net sales of MSEK 257 (MSEK 298)
  • Net result after tax MSEK 144 (MSEK 123)
  • Earnings per share before and after dilution of SEK 4.04 (SEK 3.75)  


Subsequent events

  • Second appraisal well on B4EW4 structure has been drilled to its final depth and encountered oil - testing in progress
  • Tethys Oil's share of production from Oman during July amounted to 139,998 barrels corresponding to 4,516 barrels per day

 

MSEK (unless specifically stated) 1 Jan 2013 - 30 Jun 2013  6 months 1 Apr 2013 - 30 Jun 2013  3 months 1 Jan 2012 - 30 Jun 2012   6 months 1 Apr 2012 - 30 Jun 2012  3 months 1 Jan 2012 - 31 Dec 2012  12 months
Production, before government take (bbl) 768,321 399,839 586,562 302,081 1,345,854
Net sales, after government take (bbl) 366,354 156,816 380,416 184,994 776,248
Average selling price per barrel, USD 107.68 107.26 113.83 119.34 110.35
Net sales of oil and gas 257 110 298 154 584
Operating result 173 49 122 -4 336
EBITDA 237 83 238 120 530
Result for the period 144 39 123 15 314
Earnings per share, SEK 4.04 1.10 3.75 0.46 9.11
Cash and cash equivalents 237 237 44 44 248
Shareholders' equity 990 990 704 704 860
Long term debt 419 419 3 3 417
Investments 149 114 442 232 875

   

(For full report, see attached file)

 

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

 

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 NASDAQ OMX Stockholm (TETY).

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).