Tethys Petroleum Limited results

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

Published on 19/05/2015


Get your FREE Oilfield Technology magazine »

Get your FREE trial of Hydrocarbon Engineering magazine »

Get your FREE trial of World Pipelines magazine »


 
 

Related articles

Tethys and Petrochina sign MOU

Tethys has signed an MOU with PetroChina to explore the feasibility of long-term cooperation in natural gas and crude oil deliveries.

Tethys announces Kazakhstan gas contract

New gas contract signed for the Kyzyloi and Akkulka natural gas fields.

Tethys oil production update - June 2014

Tethys’ share of the production in June, from blocks onshore Oman, was 219,777 barrels of oil.

Tethys increases interest in licence onshore Lithuania

Tethys Oil has increased its interest in the Rietavas licence onshore Lithuania from 14% to 30%.

Recommend magazines

  Oilfield Technology