Production, Sales and Entitlement update fourth quarter 2022

Tethys Oil’s share of production from Blocks 3&4 during the fourth quarter 2022, before government take, amounted to 868,589 barrels of oil, corresponding to 9,441 barrels of oil per day. The net entitlement, Tethys Oil’s share of production after government take, amounted to 467,564 barrels of oil, corresponding to 54 percent of the total production. A total of 424,444 barrels of oil were sold in the quarter with an achieved oil price of USD 93.3 per barrel.

Net entitlement barrels (bbl)** Oil sales
Achieved oil price
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
Q4 2021 980,599 432,469 514,683 73.7
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 2021.

The oil sales of 424,444 barrels in the fourth quarter 2022 reflects the October, November and December lifting nominations. Consequently, the fourth quarter 2022 Achieved oil price reflects the Official Selling Price (“OSP”) of October to December 2022, Average Official Selling Price in that same period was USD 92.9.

Tethys Oil’s interim report for the fourth quarter and year-end report 2022 will be published on 7 February 2023 at approximately 7:30 CET.