Production, Sales and Entitlement update first quarter 2024

Tethys Oil’s share of production from Blocks 3&4 during the first quarter 2024, before government take, amounted to 730,878 barrels of oil, corresponding to 8,032 barrels of oil per day. The net entitlement, Tethys Oil’s share of production after government take, amounted to 380,053 barrels of oil, corresponding to 52 percent of the total production. A total of 364,859 barrels of oil were sold in the quarter with an achieved oil price of USD 79.5 per barrel.

Production
(bbl)*
Net entitlement barrels (bbl)** Oil sales
(bbl)
Achieved oil price
(USD/bbl)
Q1 2024 730,878 380,053 364,859 79.5
Q4 2023 772,515 401,708 383,004 90.4
Q3 2023 780,676 405,952 417,275 76.9
Q2 2023 818,432 425,585 463,196 81.6
Q1 2023 847,002 440,441 471,550 81.7
Full year 2023 3,218,625 1,673,685 1,735,025 82.4
Full year 2022 3,628,074 1,664,363 1,585,534 94.2

* 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 2023.

The oil sales of 364,859 barrels in the first quarter 2024 reflects the January, February, and March lifting nominations. Consequently, the first quarter 2024 Achieved oil price reflects the Official Selling Price (“OSP”) of January to March 2024. Average Official Selling Price in that same period was USD 79.9 per barrel.

Tethys Oil’s interim report for the first quarter 2024 will be published on 7 May 2024 at approximately 7:30 CEST.