Production, Sales and Entitlement update third quarter 2021

Tethys Oil’s share of production from Blocks 3&4 during the third quarter 2021, before government take, amounted to 1,037,768 barrels of oil, corresponding to 11,280 barrels of oil per day. The net entitlement, Tethys Oil’s share of production after government take, amounted to 428,121 barrels, corresponding to 41 percent of the total production. The achieved oil price during the quarter amounted to USD 66.7 per barrel and 448,740 barrels were sold.

Net entitlement barrels (bbl)** Net sales
Achieved oil price
Q3 2021 1,037,768 428,121 448,740 66.7
Q2 2021 1,003,750 420,655 477,708 59.7
Q1 2021 1,042,686 518,895 367,726 46.7
Q4 2020 1,018,653 529,699 547,338 42.3
Q3 2020 979,922 509,559 416,162 42.8
Full year 2020 4,148,818 2,157,385 2,317,875 47.7

* 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. For further explanation of the calculation of net entitlement, see Tethys Oil’s annual report for 2020.

The net sales of 448,740 barrels in the third quarter 2021 reflects the June, July and August lifting nominations and does not include the September nomination which was lifted in early October. Consequently, the third quarter 2021 Achieved oil price reflects the pricing June to August and does not include the September Official Selling Price (“OSP”). Average Official Selling Price (“Average OSP”) for July to September 2021 was USD 70.3 per barrel.

The third quarter and nine months report 2021 will be published on 9 November 2021.