Tethys Petroleum Limited announced the company results for the first quarter of 2015.
The company recorded oil and gas revenue of US$5.95 million with gas revenue increasing 97% to US$4.71 million.
Production expenses were down 31% to US$2.61 million in comparison with the first quarter of 2014.
The company recorded a loss for the period from continuing operations of US$2.03 million.
John Bell, Executive Chairman, commented on the results:
"During the quarter we have significantly reduced our cost base with G&A costs down 45% and production costs down by 31% from the same period last year whilst increasing gas production by 57% and gas revenues by 97%. The fall in oil prices has obviously affected the bottom line like all our peers but the focus on increasing gas production has proven to be beneficial and has mitigated this to some extent."
"In addition to this, we are pleased to have secured the funding from AGR to help provide greater security for, and the opportunity to grow, the company going forward. We continue the strategic review process, where we have entered into an exclusivity period for four weeks, to discuss a potential larger financing with AGR. I will update shareholders when we have further news in this important area."
Adapted from press release by Joseph Green