Third quarter and Nine months report 2012

(For complete interim report see attached file) Third quarter 2012
Third quarter 2012

  • 8 wells drilled on Blocks 3 and 4 in Oman
  • Successful exploration well on Block 4 Oman – initial flow rate of 2,400
    barrels per day
  • Record gross production from Oman of 358,968 barrels corresponding to 3,902
    barrels per day
  • A secured three-year bond loan of MSEK 400 issued
  • Net sales of MSEK 116
  • Net result MSEK 46
  • Earnings per share of SEK 1.35

 

Nine Months 2012

  • Export pipeline works completed on Block 3 and 4 Oman – launched in June
  • 41 per cent increase in 2C contingent resources to 13.8 million barrels
  • Record gross production from Oman of 945,530 barrels corresponding to 3,451
    barrels per day
  • MSEK 120 raised in private placement of 3 million shares in May 2012
  • Net sales of MSEK 414
  • Net result MSEK 169 - significantly impacted by write downs
  • Write downs MSEK 113
  • Earnings per share of SEK 4.97

 

Subsequent envents

  • October total field production from Blocks 3 and 4 onshore Oman averaged
    13,814 barrels per day
  • In October, a Tethys affiliate participated in farming out a Lithuanian
    license to Chevron


 

┌─────────────┬─────────────┬─────────────┬─────────────┬──────────┬──────────┐
│MSEK (unless │1 Jan 2012 - │1 Jul 2012 - │1 Jan 2011 - │1 Jul 2011│1 Jan 2011│
│specifically │30 Sep       │30 Sep       │30 Sep       │- 30 Sep  │- 31 Dec  │
│stated)      │2012         │2012         │2011         │2011   3  │2011   12 │
│             │9 months     │3 months     │9 months     │months    │months    │
├─────────────┼─────────────┼─────────────┼─────────────┼──────────┼──────────┤
│Production,  │             │             │             │          │          │
│before       │945,530      │358,968      │225,554      │142,305   │423,469   │
│government   │             │             │             │          │          │
│take (bbl)   │             │             │             │          │          │
├─────────────┼─────────────┼─────────────┼─────────────┼──────────┼──────────┤
│Net sales,   │             │             │             │          │          │
│after        │549,720      │169,303      │77,654       │56,751    │147,228   │
│government   │             │             │             │          │          │
│take (bbl)   │             │             │             │          │          │
├─────────────┼─────────────┼─────────────┼─────────────┼──────────┼──────────┤
│Average      │             │             │             │          │          │
│selling price│109.99       │101.09       │106.73       │111.79    │107.37    │
│per barrel,  │             │             │             │          │          │
│USD          │             │             │             │          │          │
├─────────────┼─────────────┼─────────────┼─────────────┼──────────┼──────────┤
│Net sales of │414          │116          │54           │41        │104       │
│oil and gas  │             │             │             │          │          │
├─────────────┼─────────────┼─────────────┼─────────────┼──────────┼──────────┤
│Operating    │167          │62           │39           │36        │83        │
│result       │             │             │             │          │          │
├─────────────┼─────────────┼─────────────┼─────────────┼──────────┼──────────┤
│EBITDA       │316          │78           │39           │36        │84        │
├─────────────┼─────────────┼─────────────┼─────────────┼──────────┼──────────┤
│Result for   │169          │46           │25           │39        │69        │
│the period   │             │             │             │          │          │
├─────────────┼─────────────┼─────────────┼─────────────┼──────────┼──────────┤
│Earnings per │4.97         │1.35         │0.76         │1.19      │2.12      │
│share, SEK   │             │             │             │          │          │
├─────────────┼─────────────┼─────────────┼─────────────┼──────────┼──────────┤
│Cash and cash│323          │323          │60           │60        │93        │
│equivalents  │             │             │             │          │          │
├─────────────┼─────────────┼─────────────┼─────────────┼──────────┼──────────┤
│Shareholders’│715          │715          │405          │405       │456       │
│equity       │             │             │             │          │          │
├─────────────┼─────────────┼─────────────┼─────────────┼──────────┼──────────┤
│Long term    │403          │403          │-            │-         │-         │
│debt         │             │             │             │          │          │
├─────────────┼─────────────┼─────────────┼─────────────┼──────────┼──────────┤
│Investments  │589          │147          │172          │151       │208       │
└─────────────┴─────────────┴─────────────┴─────────────┴──────────┴──────────┘

 

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 have
exploration and production assets onshore France, Lithuania and Sweden.

The shares are listed on First North (TETY) in Stockholm. Remium AB is
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

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).