Oman-focused oil producer Tethys Oil maintained its increasing oil production rate in 2016, recording an output of 1.096 million barrels during the second quarter from Blocks 3 and 4 onshore Oman.
The latest figure is similar to the company’s production of 1.101 million barrels of oil during 1Q, and marks a slight increase from Tethys’ output rate of 997,904 during the fourth quarter of last year. The company’s full year production in 2015 was 3.539 million barrels of oil.
FirstEnergy marked Tethys’ latest news as a positive development for the company, giving the firm an “outperform recommendation”.
“Since booking its first reserves in 2011, the company has reported a 2P Reserve Replacement Ratio of over 100 percent every year,” said FirstEnergy in a brief research note sent to Rigzone.
“It has also increased production almost every quarter for over three years. It had $45 million in cash at the end of 1Q16, no debt and pays a small dividend,” FirstEnergy added.
The Swedish energy company is one of the largest onshore oil concession holders in the Sultanate of Oman with a current net production of around 12,000 barrels of oil per day, according to Tethys’ website. The company also has exploration and production assets onshore Lithuania and France.
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