Production, Sales and Entitlement update third quarter 2023

Tethys Oil’s share of production from Blocks 3&4 during the third quarter 2023, before government take, amounted to 780,676 barrels of oil, corresponding to 8,486 barrels of oil per day. The net entitlement, Tethys Oil’s share of production after government take, amounted to 405,952 barrels of oil, corresponding to 52 percent of the total production. A total of 417,275 barrels of oil were sold in the quarter with an achieved oil price of USD 76.9 per barrel.

Net entitlement barrels (bbl)** Oil sales
Achieved oil price
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
Q3 2022 900,491 378,742 420,474 107.3
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 417,275 barrels in the third quarter 2023 reflects the July, August and September lifting nominations. Consequently, the third quarter 2023 Achieved oil price reflects the Official Selling Price (“OSP”) of July to September 2023, Average Official Selling Price in that same period was USD 76.9.

Tethys Oil’s interim report for the third quarter and the first nine months of 2023 will be published on 7 November 2023 at approximately 7:30 CET.