Production, Sales and Entitlement update second quarter 2022

Tethys Oil’s share of production from Blocks 3&4 during the second quarter 2022, before government take, amounted to 916,226 barrels of oil, corresponding to 10,068 barrels of oil per day. The net entitlement, Tethys Oil’s share of production after government take, amounted to 385,005 barrels of oil, corresponding to 42 percent of the total production. A total of 261,072 barrels of oil were sold in the quarter with an achieved oil price of USD 100.1 per barrel.

Net entitlement barrels (bbl)** Oil sales
Achieved oil price
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
Q3 2021 1,037,768 428,121 448,740 66.7
Q2 2021 1,003,750 420,655 477,708 59.7
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 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 261,072 barrels in the second quarter 2022 reflects the April and May lifting nominations and does not include the June nomination which was lifted in early July. Consequently, the second quarter 2022 Achieved oil price reflects the pricing of April and May 2022 and does not include the June Official Selling Price (“OSP”).

Tethys Oil’s Second quarter and half year report 2022 will be published on 9 August 2022 at approximately 7:30 CET.