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Third quarter and nine months report 2015

2015-11-03T07:30:00 CET
  • Third quarter 2015 net sales amounted to MSEK 307 compared to MSEK 265 in the second quarter 2015, an increase with 16 per cent. The strong net sales development during the third quarter compared to the second quarter is a result of increase in production and higher oil prices. In the two last quarters the total overlift position have also significantly increased
  • Net result after tax during third quarter 2015 amounted to MSEK 70, and is up 32 per cent compared to MSEK 53 during second quarter 2015. The strong net sales development and the improved oil price are the main reasons for the increase in net result during the third quarter
  • Third quarter 2015 earnings per share before and after dilution of SEK 2.00 compared to SEK 1.52 during second quarter 2015
  • Third quarter average daily production increased 7 per cent compared with second quarter 2015. Total production amounted to 928,047 barrels corresponding to 10,087 barrels per day
  • During the third quarter the company purchased 512,090 of its own shares for an amount of MSEK 25. Net cash as per 30 September 2015 amounted to MSEK 485 compared to MSEK 323 as per 30 June
MSEK (unless specifically stated) Third quarter 2015 Second quarter 2015 % Q3 2015 to Q2 2015 Third quarter 2014
Production, before government take (bbl) 928,047 858,453 8% 772,722
Average daily production, before government take (bbl) 10,087 9,434 7% 8,399
Net sales, after government take (bbl) 584,399 545,019 7% 399,352
Average selling price per barrel, USD 61.77 57.77 7% 107.57
Net sales of oil and gas 307 265 16% 296
EBITDA 153 153 0% 173
Operating result 68 75 -9% 232
Result for the period 70 53 32% 167
Earnings per share before and after dilution, SEK 2.00 1.52 32% 4.71
Net cash 485 323 50% 194
Investments in oil and gas 85 50 70% 45

 

MSEK (unless specifically stated) Nine months 2015 Nine months 2014 % 9m 2015 to 9m 2014
Production, before government take (bbl) 2,570,706 2,039,427 26%
Average daily production, before government take (bbl) 9,417 7,470 26%
Net sales, after government take (bbl) 1,438,310 1,030,193 40%
Average selling price per barrel, USD 60.69 106.72 -43%
Net sales of oil and gas 735 736 0%
EBITDA 381 390 -2%
Operating result 163 553 -71%
Result for the period 170 332 -49%
Earnings per share before and after dilution, SEK 4.85 9.35 -48%
Net cash 485 194 150%
Investments in oil and gas 245 158 55%

 

Dear Friends and Investors

During the third quarter 2015, Tethys Oil passed yet another milestone. Average daily production during the third quarter exceeded 10,000 barrels of oil for the first time. Total production in the first nine months of 2015 is over 25% higher than in the first 9 month 2014 and amounted to 2,570,706 barrels of oil.

As we have said, our project remains robust even in today's oil price environment. Tethys Oil continues to yield positive financial results. In the third quarter, we report sales of MSEK 307. Net sales was up 16% quarter on quarter. Our EBITDA for the quarter amounted to MSEK 153, in line with the second quarter 2015. Our cash flow from operations amounted to MSEK 268, and our net result increased 32% quarter on quarter and amounted to MSEK 70. Our net cash stood at MSEK 485 as per 30 September 2015.

In the third quarter we sold more oil than we produced and our overlift position at the end of the quarter amounted to almost 130,000 barrels. We expect that a significant reduction of the overlift position, in combination with the lower oil prices, will affect sales and result in the fourth quarter 2015.

Operationally, the water injection programmes on our fields have been in focus during the third quarter. On the Farha South field, three additional water injection wells have been drilled and one more fault block has been hooked up to water injection. Three water injection wells were also drilled on the Shahd field, bringing the total injection wells up to five in the field. We are awaiting the result of the programme on the Shahd field with excitement. If successful, the water injection programme will have a significant impact both on the reserves and on production in the Shahd field.

We are also encouraged by the results from European operations onshore Lithuania. The Tidikas-1 exploration well on the Raseiniai licence encountered a combined oil column of almost 50 metres and flowed oil to surface during drill stem tests. We are looking forward to the results of the long term production tests of the well.

So stay with us - things continue to happen!

 

Stockholm in November 2015

 

Magnus Nordin                                                              

Managing director

 

For further information, please contact: Magnus Nordin, managing director, phone: +46 8 505 947 02, e-mail: magnus@tethysoil.com

or

Morgan Sadarangani, CFO, phone: +46 8 505 947 01, e-mail: morgan@tethysoil.com

 

Tethys Oil is a Swedish energy company focused on exploration and production of oil. Tethys Oil's core area is the Sultanate of Oman, where the company is one of the largest onshore oil concession holders with a current net production of around 10,000 barrels of oil per day. Tethys Oil also has exploration and production assets onshore Lithuania and France. The shares are listed on Nasdaq Stockholm (TETY).

Website: www.tethysoil.com

 

(for full report, please see attached file)

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).