Production, Sales and Entitlement update second quarter 2023

Tethys Oil’s share of production from Blocks 3&4 during the second quarter 2023, before government take, amounted to 818,432 barrels of oil, corresponding to 8,994 barrels of oil per day. The net entitlement, Tethys Oil’s share of production after government take, amounted to 425,585 barrels of oil, corresponding to 52 percent of the total production. A total of 463,196 barrels of oil were sold in the quarter with an achieved oil price of USD 81.6 per barrel.

Net entitlement barrels (bbl)** Oil sales
Achieved oil price
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
Q3 2022 900,491 378,742 420,474 107.3
Q2 2022 916,226 385,005 261,072 100.1
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 463,196 barrels in the second quarter 2023 reflects the April, May and June lifting nominations. Consequently, the second quarter 2023 Achieved oil price reflects the Official Selling Price (“OSP”) of April to June 2023, Average Official Selling Price in that same period was USD 81.3.

Tethys Oil’s interim report for the second quarter and the first six months of 2023 will be published on 8 August 2023 at approximately 7:30 CEST.