Sales update fourth quarter and year 2013


Tethys Oil’s net sales amounted during the fourth quarter 2013 to MSEK 193 and
to MSEK 592 during the full year 2013. The average selling price during the
quarter was USD 108.5 per barrel and 271,175 barrels were sold. The average
selling price during 2013 was USD 106.6 per barrel and 850,926 barrels were
sold. As per 31 December 2013, the underlift position amounted to 13,261
barrels (overlift of 609 barrels as per 31 December 2012). All oil sales relate
to Blocks 3&4 in Oman, where Tethys Oil holds 30 per cent of the licence.


┌──────────────────┬───────────────┬─────────────┬───────┬──────────┬─────────┐
│                  │Net sales of   │Average      │Net    │Production│Over-/   │
│Tethys Oil’s share│oil and gas    │selling price│sales  │          │underlift│
│Blocks 3&4        │               │             │       │(bbl)**   │         │
│                  │(MSEK)         │(USD/bbl)    │(bbl)* │          │(bbl)*** │
├──────────────────┼───────────────┼─────────────┼───────┼──────────┼─────────┤
│Q4 2012           │170            │111.7        │225,518│400,324   │609      │
├──────────────────┼───────────────┼─────────────┼───────┼──────────┼─────────┤
│Q1 2013           │146            │107.6        │209,538│356,049   │24,123   │
├──────────────────┼───────────────┼─────────────┼───────┼──────────┼─────────┤
│Q2 2013           │110            │107.3        │156,816│387,734   │-19,804  │
├──────────────────┼───────────────┼─────────────┼───────┼──────────┼─────────┤
│Q3 2013           │142            │102.1        │213,397│430,764   │-30,404  │
├──────────────────┼───────────────┼─────────────┼───────┼──────────┼─────────┤
│Q4 2013           │193            │108.5        │271,175│488,522   │-13,261  │
├──────────────────┼───────────────┼─────────────┼───────┼──────────┼─────────┤
│Full year 2013    │592            │106.6        │850,926│1,663,069 │-13,261  │
└──────────────────┴───────────────┴─────────────┴───────┴──────────┴─────────┘

 

* After government take

** Before government take

*** Volumes sold do not always correspond to Tethys Oil’s share of production
after government take during a period. The difference is called over-/
underlift. The over-/underlift position is stated as per the end of each
quarter. Underlift is stated as a negative number.

 

Tethys also has some production from Lithuania. The result from the Lithuanian
production is reported in the Group’s income statement as net profit/loss from
associates.

Fourth quarter and twelve months report 2013 will be disclosed on February 11,
2014.

 

For further information, please contact

Magnus Nordin, Managing Director, phone +46 70 576 6555; magnus@tethysoil.com

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

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Tethys Oil AB (publ)

Tethys Oil is a Swedish energy company focused on exploration and production of
oil and natural gas. Tethys Oil’s core area is Oman, where the company is one
of the largest onshore oil and gas concession holders. Tethys Oil also has
exploration and production assets onshore France and Lithuania. The shares are
listed on NASDAQ OMX Stockholm (TETY) in Stockholm.

Website: www.tethysoil.com

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).