Fourth quarter and Twelve months report 2012

(For complete report see attached file)
 

FOURTH QUARTER 2012

  • Field development plan was approved and commerciality was obtained for
    Block 3 and 4 in December 2012
  • Record gross production from Oman of 400,324 barrels corresponding to 4,351
    barrels per day
  • Net sales of MSEK 170 (MSEK 50)
  • Net result after tax MSEK 145 (MSEK 44)
  • Earnings per share before and after dilution of SEK 4.07 (SEK 1.36)

 

TWELVE MONTHS 2012

  • A secured three-year bond loan of MSEK 400 issued in September 2012
  • Record gross production from Oman of 1,345,854 barrels corresponding to
    3,677 barrels per day
  • MSEK 120 raised in private placement of 3 million shares in May 2012
  • Net sales of MSEK 584 (MSEK 104)
  • Net result after tax MSEK 314 (MSEK 69) - significantly impacted by write
    downs
  • Write downs mainly regarding Block 15 and projects in France of MSEK 118
    (MSEK -)
  • Earnings per share before and after dilution of SEK 9.11 (SEK 2.12)

 

SUBSEQUENT EVENTS

  • In January 2013 Mitsui made the final recovery of carry of MUSD 2 from
    Tethys’ share of cost oil and paid Tethys a bonus payment of MUSD 10


Tethys first reserve report will be published on February 20, 2013. 1P-reserves
as at year end 2012, are expected to have increased compared to 1C contingent
resources as of June 30, 2012. The 2P reserves are expected to be roughly in
line with 2C contingent resources as of June 30, 2012.

 

┌────────────────┬──────────────┬──────────────┬──────────────┬──────────────┐
│MSEK (unless    │1 Jan 2012 -  │1 Oct 2012 -  │1 Jan 2011 -  │1 Oct 2011 -  │
│specifically    │31 Dec        │31 Dec        │31 Dec        │31 Dec        │
│stated)         │2012          │2012          │2011          │2011          │
│                │12 months     │3 months      │12 months     │3 months      │
├────────────────┼──────────────┼──────────────┼──────────────┼──────────────┤
│Production,     │              │              │              │              │
│before          │1,345,854     │400,324       │423,469       │197,916       │
│government take │              │              │              │              │
│(bbl)           │              │              │              │              │
├────────────────┼──────────────┼──────────────┼──────────────┼──────────────┤
│Net sales, after│              │              │              │              │
│government take │776,248       │225,518       │147,228       │69,574        │
│(bbl)           │              │              │              │              │
├────────────────┼──────────────┼──────────────┼──────────────┼──────────────┤
│Average selling │              │              │              │              │
│price per       │110.35        │111.71        │107.37        │109.37        │
│barrel, USD     │              │              │              │              │
├────────────────┼──────────────┼──────────────┼──────────────┼──────────────┤
│Net sales of oil│584           │170           │104           │50            │
│and gas         │              │              │              │              │
├────────────────┼──────────────┼──────────────┼──────────────┼──────────────┤
│Operating result│336           │152           │83            │44            │
├────────────────┼──────────────┼──────────────┼──────────────┼──────────────┤
│EBITDA          │509           │193           │84            │45            │
├────────────────┼──────────────┼──────────────┼──────────────┼──────────────┤
│Result for the  │314           │145           │69            │44            │
│period          │              │              │              │              │
├────────────────┼──────────────┼──────────────┼──────────────┼──────────────┤
│Earnings per    │              │              │              │              │
│share before and│9.11          │4.07          │2.12          │1.36          │
│after dilution, │              │              │              │              │
│SEK             │              │              │              │              │
├────────────────┼──────────────┼──────────────┼──────────────┼──────────────┤
│Cash and cash   │248           │248           │93            │93            │
│equivalents     │              │              │              │              │
├────────────────┼──────────────┼──────────────┼──────────────┼──────────────┤
│Shareholders’   │860           │860           │456           │456           │
│equity          │              │              │              │              │
├────────────────┼──────────────┼──────────────┼──────────────┼──────────────┤
│Long term debt  │417           │417           │-             │-             │
├────────────────┼──────────────┼──────────────┼──────────────┼──────────────┤
│Investments     │875           │280           │208           │36            │
└────────────────┴──────────────┴──────────────┴──────────────┴──────────────┘

   

For further information, please contact

Magnus Nordin, Managing Director, phone +46 8 505 947 02; magnus@tethysoil.com

or

Morgan Sadarangani, CFO, phone +46 8 505 947 01; morgan@tethysoil.com

 

About Tethys Oil

Tethys Oil is a Swedish oil company with focus on onshore areas with known oil discoveries. The company’s core area is the Sultanate of Oman, where it holds interests in Blocks 3&4, Block 49 and Block 56. Tethys Oil has net working interest 2P reserves of 26.1 mmbo and net working interest 2C Contingent Resources of 13.5 mmbo and had an average oil production of 12,832 barrels per day from Blocks 3&4 during 2019. The company’s shares are listed on Nasdaq Stockholm (TETY). Website: www.tethysoil.com