Tethys Oil: 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 Dec 2011   12 months

1 Oct 2011 - 31 Dec 2011   3 months

1 Jan 2010 - 31 Dec 2010   12 months

1 Oct 2010 - 31 Dec 2010   3 months

Production, before government take (bbl)

423,469

197,916

41,764

32,687

Net sales, after government take (bbl)

147,228

69,574

18,898

18,898

Average selling price per barrel, USD

107.37

108.08

80.56

80.56

Net sales of oil and gas, TSEK

103,538

49,839

11,066

11,066

Operating result, TSEK

83,057

44,393

100,661

6,896

Cash flow operations

113,604

70,440

-36,770

-9,604

Result, TSEK

68,991

44,376

80,0691

4,810

Earnings per share, SEK

2.12

1.36

2.60

0.15

Cash and cash equivalents, TSEK

93,105

93,105

190,512

190,512

Shareholders' equity, TSEK

455,559

455,559

380,055

380,055

Long term debt, TSEK

-

-

-

-

Investments, TSEK

208,392

36,327

28,838

6,990

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.

Company information

Tethys Oil

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