Report for the period 1 January 2011 – 31 December 2011

Highlights
  • Result for 2011 amounted to TSEK 68,991 and TSEK 44,376 for the fourth
    quarter
  • Net sales of TSEK 103,538 during 2011 and TSEK 49,839 during fourth quarter
  • In early January 2012 after the reporting period, Tethys Oil sold 52,484
    barrels of oil to a value of TSEK 37,702, which is not included in the 2011
    result
  • Tethys Oil’s share of oil production before government take from Block 3
    and 4 during 2011 amounted to 423,469 barrels and during the fourth quarter
    to 197,916 barrels
  • Block 3 and 4 daily field production averaged 10,047 barrels per day in
    January 2012 of which Tethys’ share is 30 per cent
  • Field development plan submitted to the Ministry of Oil and Gas for
    approval
  • Four new Farha fault blocks drilled along the Farha trend – three
    encountered oil
  • DeGoyler and MacNaughton appointed reserves auditors
  • Tethys establishes second leg with oil production and appraisal/exploration
    potential in three licence areas onshore Lithuania
  • Block 15 well test terminated – no hydrocarbon flow established
  • Cash and cash equivalents as per 31 December 2011 amounted to TSEK 93,105
    (TSEK 190,512)

 


┌────────────────┬───────────────┬──────────────┬───────────────┬──────────────┐
│                │1 Jan 2011 - 31│1 Oct 2011 -  │1 Jan 2010 - 31│1 Oct 2010 -  │
│                │Dec 2011   12  │31 Dec 2011   │Dec 2010   12  │31 Dec 2010   │
│                │months         │3 months      │months         │3 months      │
├────────────────┼───────────────┼──────────────┼───────────────┼──────────────┤
│Production,     │               │              │               │              │
│before          │423,469        │197,916       │41,764         │32,687        │
│government take │               │              │               │              │
│(bbl)           │               │              │               │              │
├────────────────┼───────────────┼──────────────┼───────────────┼──────────────┤
│Net sales, after│               │              │               │              │
│government take │147,228        │69,574        │18,898         │18,898        │
│(bbl)           │               │              │               │              │
├────────────────┼───────────────┼──────────────┼───────────────┼──────────────┤
│Average selling │               │              │               │              │
│price per       │107.37         │108.08        │80.56          │80.56         │
│barrel, USD     │               │              │               │              │
├────────────────┼───────────────┼──────────────┼───────────────┼──────────────┤
│Net sales of oil│103,538        │49,839        │11,066         │11,066        │
│and gas, TSEK   │               │              │               │              │
├────────────────┼───────────────┼──────────────┼───────────────┼──────────────┤
│Operating       │83,057         │44,393        │100,661        │6,896         │
│result, TSEK    │               │              │               │              │
├────────────────┼───────────────┼──────────────┼───────────────┼──────────────┤
│Cash flow       │113,604        │70,440        │-36,770        │-9,604        │
│operations      │               │              │               │              │
├────────────────┼───────────────┼──────────────┼───────────────┼──────────────┤
│Result, TSEK    │68,991         │44,376        │80,0691        │4,810         │
├────────────────┼───────────────┼──────────────┼───────────────┼──────────────┤
│Earnings per    │2.12           │1.36          │2.60           │0.15          │
│share, SEK      │               │              │               │              │
├────────────────┼───────────────┼──────────────┼───────────────┼──────────────┤
│Cash and cash   │               │              │               │              │
│equivalents,    │93,105         │93,105        │190,512        │190,512       │
│TSEK            │               │              │               │              │
├────────────────┼───────────────┼──────────────┼───────────────┼──────────────┤
│Shareholders'   │455,559        │455,559       │380,055        │380,055       │
│equity, TSEK    │               │              │               │              │
├────────────────┼───────────────┼──────────────┼───────────────┼──────────────┤
│Long term debt, │-              │-             │-              │-             │
│TSEK            │               │              │               │              │
├────────────────┼───────────────┼──────────────┼───────────────┼──────────────┤
│Investments,    │208,392        │36,327        │28,838         │6,990         │
│TSEK            │               │              │               │              │
└────────────────┴───────────────┴──────────────┴───────────────┴──────────────┘

The comparable result for the twelve month period last year was positively
impacted by the farmout to Mitsui adding TSEK 103,236 to the result

 

Tethys Oil AB (publ)

Tethys Oil is a Swedish energy company focused on identification and
development for production of oil and natural gas assets. Tethys Oil’s core
area is the Sultanate of Oman, where the company is the second largest onshore
oil and gas concession-holder with licence interest in three onshore blocks.
Tethys Oil also has licence interests onshore France, Lithuania and Sweden.
Tethys Oil’s strategy is to invest in projects in areas with known oil and
natural gas discoveries that have not been properly appraised using modern
technology. In this way, high returns can be achieved with limited risk. The
shares are listed on First North (TETY) in Stockholm. Remium AB is the
company’s Certified Adviser.

 

 

For further information, please contact

Magnus Nordin, Managing Director, phone +46 8 679 49 95; magnus@tethysoil.com

or

Morgan Sadarangani, CFO, phone +46 8 679 49 91; morgan@tethysoil.com

 

Corporate Head Office

Tethys Oil AB

Hovslagargatan 5B

SE-111 48 Stockholm Sweden

Tel. +46 8 505 947 00

Fax +46 8 505 947 99

E-mail: info@tethysoil.com

Website: www.tethysoil.com

 

 

This report has not been subject to review by the auditors of the company.

About Tethys Oil

Tethys Oil is a Swedish oil company with focus on onshore areas with known oil discoveries. Tethys Oil's core area is Oman, where the company holds 2P Reserves of 25 mmbo and 2C Contingent Resources of 13 mmbo and had an average oil production of 11,767 barrels per day from Blocks 3&4 during 2018. Tethys Oil also has onshore exploration licences in Lithuania and France and some production in Lithuania. The shares are listed on Nasdaq Stockholm (TETY).