Highlights
• Result for the third quarter 2011 amounted to TSEK 38,627 (TSEK 66,923) and
for the first nine months to TSEK 24,615 (TSEK 75,259). The comparable
result for the nine month period and third quarter last year was positively
impacted by the farmout to Mitsui adding TSEK 103,236 to the result.
Significantly increased oil sales have positively impacted the result for
the third quarter 2011
• Cash flow from operations during the third quarter 2011 amounted to TSEK
24,384 (TSEK-4,941) and TSEK 43,163 (TSEK -27,167) for the first nine
months
• Tethys net average daily production, before government take, amounted
during the third quarter to 1,547 barrels and for the nine month period to
826 barrels. In October, Tethys net average daily production amounted to
2,097 barrels
• Cash and cash equivalents as per 30 September 2011 amounted to TSEK 60,331
(TSEK 190,512)
• Tethys Oil entered into agreement with Odin Energi A/S regarding mutual
investments in the Baltic region. As a part of this agreement, Tethys has
lent MEUR 15.1 to Odin Energi
• During 2011 a total of 14 oil wells were drilled on Block 3 and 4 onshore
Oman
1 Jan 2011 1 Jul 2011 – 1 Jan 2010 1 Jul 2010 1 Jan 2010
– 30 Sep 30 Sep 2011 – 30 Sep – 30 Sep – 31 Dec
2011 9 3 months 2010 9 2010 3 2010 12
months months months months
Production, net to
Tethys, before 225,554 142,305 9,077 9,077 41,764
government take
(bbl)
Average selling
price per barrel, 106.73 111.79 – – 80.56
USD
Net sales of oil 53,700 41,139 – – 11,066
and gas, TSEK
Operating result, 38,664 36,204 93,765 99,773 100,661
TSEK
Result, TSEK 24,615 38,627 75,259 66,923 80,069
Earnings per 0.76 1.19 2.48 2.07 2.60
share, SEK
Cash and cash 60,331 60,331 205,150 205,150 190,512
equivalents, TSEK
Shareholders' 405,039 405,039 376,473 376,473 380,055
equity, TSEK
Long term debt, – – – – –
TSEK
Investments, TSEK 172,065 150,779 -122,272 -155,613 -115,282
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 Oman, where the company is the second largest onshore oil and gas
concession-holder with licence interest in three onshore blocks. 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 company has
interests in licences in Oman, France and Sweden. The shares are listed on
First North (TETY) in Stockholm. Remium AB is the company's Certified Adviser.
(For full report, see attached file)
For further information, please contact
Magnus Nordin, Managing Director, phone +46 8 679 4995; magnus@tethysoil.com
or
Morgan Sadarangani, CFO, phone +46 8 679 49 91; morgan@tethysoil.com
