Production, Sales and Entitlement update first quarter 2023

Tethys Oil’s share of production from Blocks 3&4 during the first quarter 2023, before government take, amounted to 847,002 barrels of oil, corresponding to 9,411 barrels of oil per day. The net entitlement, Tethys Oil’s share of production after government take, amounted to 440,441 barrels of oil, corresponding to 52 percent of the total production. A total of 471,550 barrels of oil were sold in the quarter with an achieved oil price of USD 81.7 per barrel.

Net entitlement barrels (bbl)** Oil sales
Achieved oil price
Q1 2023 847,002 440,441 471,550 81.7
Q4 2022 868,589 467,564 424,444 93.3
Q3 2022 900,491 378,742 420,474 107.3
Q2 2022 916,226 385,005 261,072 100.1
Q1 2022 942,768 433,052 479,544 80.4
Full year 2022 3,628,074 1,664,363 1,585,534 94.2
Full year 2021 4,064,803 1,800,140 1,808,857 62.8

* Before government take
** After government take

Net entitlement is the share of production available for sale by Tethys Oil and is calculated monthly in accordance with the terms of the Exploration and Production Sharing Agreement (EPSA) for Blocks 3&4. The net entitlement will vary depending upon the level of production, oil price and recoverable costs incurred during the period. For further explanation of the calculation of net entitlement, see Tethys Oil’s annual report for 2022.

The oil sales of 471,550 barrels in the first quarter 2023 reflects the January, February and March lifting nominations. Consequently, the first quarter 2023 Achieved oil price reflects the Official Selling Price (“OSP”) of January to March 2023, Average Official Selling Price in that same period was USD 81.6.

Tethys Oil’s interim report for the first quarter 2023 will be published on 9 May 2023 at approximately 7:30 CEST.