Production, Sales and Entitlement update third quarter 2022

Tethys Oil’s share of production from Blocks 3&4 during the third quarter 2022, before government take, amounted to 900,491 barrels of oil, corresponding to 9,788 barrels of oil per day. The net entitlement, Tethys Oil’s share of production after government take, amounted to 378,742 barrels of oil, corresponding to 42 percent of the total production. A total of 420,474 barrels of oil were sold in the quarter with an achieved oil price of USD 107.2 per barrel.

Net entitlement barrels (bbl)** Oil sales
Achieved oil price
Q3 2022 900,491 378,742 420,474 107.2
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
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 420,474 barrels in the third quarter 2022 reflects the July, August and September lifting nominations as well as the June nomination which was lifted in early July. Consequently, the third quarter 2022 Achieved oil price reflects the Official Selling Price (“OSP”) of June, July, August and September 2022.

Tethys Oil’s interim report for the third quarter 2022 will be published on 8 November 2022 at approximately 7:30 CET.