Tethys Oil announces Financial Guidance for 2024

Tethys Oil is pleased to announce the Company’s financial guidance for 2024:

  • Production: annual average in the range of 8,200 ± 400 bopd
  • Operating expenditures: USD 17.5 per barrel
  • Investments: MUSD 90-94

Tethys Oil expects full year 2024 average production on Blocks 3&4, Sultanate of Oman, to be in the range of 8,200 ± 400 barrels of oil per day. February production is expected to be lower than January production levels due to planned maintenance of the Saiwan East production facility for a period of nine days.

Operating expenditures
Tethys Oil expects the average operating expenditure to be approximately USD 17.5 per barrel for the full year 2024. Due to increased costs related to the ramp up of the Gas-to-Power project, opex is expected to be above the full year average of 17.5 barrel during the first half of 2024 and to decline to a level below the full year average in the second half of the year.

Administrative expenses
Tethys Oil expects the administrative expenses for the full year 2024 to be in the range of MUSD 6-8.

Tethys Oil’s investment in oil and gas properties in 2024 is expected to be in the range of MUSD 90-94.

Tethys Oil’s investments on Blocks 3&4 are expected to be in the range of MUSD 63-67 (MUSD 75.2 in 2023). During the year, MUSD 26.1 is expected to be spent on drilling (33.7), MUSD 6.3 on seismic acquisition (11.6) and MUSD 9.5 on the Gas-to-Power project (4.0).

2024 spending on Block 49 is expected to be MUSD 0.5 (0.5).

On Block 56, Tethys Oil’s 2024 investments are expected to amount to MUSD 8.0 (3.7). This relates mainly to the drilling of the exploration well in the central area which was delayed from 2023 and does not include any potential development expenditure.

On Block 58, Tethys Oil’s 2024 investments are expected to amount to MUSD 18.5 (2.2). The investments include the drilling of two exploration wells.

Tethys Oil’s investments in Oil and gas properties is expected to be funded by a combination of cash flow, cash on hand and external debt.