Production, Sales and Entitlement update fourth quarter 2023

Tethys Oil’s share of production from Blocks 3&4 during the fourth quarter 2023, before government take, amounted to 772,515 barrels of oil, corresponding to 8,397 barrels of oil per day. The net entitlement, Tethys Oil’s share of production after government take, amounted to 401,708 barrels of oil, corresponding to 52 percent of the total production. A total of 383,004 barrels of oil were sold in the quarter with an achieved oil price of USD 90.4 per barrel.

Net entitlement barrels (bbl)** Oil sales
Achieved oil price
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
Q4 2022 868,589 467,564 424,444 93.3
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 2022.

The oil sales of 383,004 barrels in the fourth quarter 2023 reflects the October, November, and December lifting nominations. Consequently, the fourth quarter 2023 Achieved oil price reflects the Official Selling Price (“OSP”) of October to December 2023. Average Official Selling Price in that same period was USD 89.7 per barrel.

Tethys Oil’s interim report for the fourth quarter and year-end report 2023 will be published on 6 February 2024 at approximately 7:30 CET.