Tethys Unveils Financial, Operational Highlights for Second Quarter

Tethys has provided a financial and operational statement for the quarter ended June 30, 3008.

Highlights

  • JAS 2 drills 927 meters horizontal leg on Oman Block 15.
  • 3D seismic acquisition commences on Oman Block 15.
  • Drilling rig signed for Morocco exploration well.
  • Well site prepared for Turkish exploration well.
  • Minor gas flow from French well test.
  • As at June 30, 2008 there have been no sales of oil and gas in Tethys Oil, nor for the equivalent period of last year.

Loss for the first six months 2008 amounted to TSEK – 8,631 (TSEK – 18,626 for the corresponding period last year) and TSEK – 3,173 (TSEK – 14,165) for the second quarter. The loss for the first six months 2008 has been significantly impacted by net foreign exchange losses amounting to TSEK – 2,452 due to weaker US dollar. The majority of these exchange rate losses are translation differences and are therefore non cash related items.

Earnings per share amounted to SEK – 0.40 (SEK – 1.08) for the first six months 2008 and SEK – 0.13 (SEK – 0.82) for the second quarter.

In a private placement conducted during the first and second quarter 2008, Tethys Oil raised TSEK 91,200 before issue costs. Issue costs for the private placement have amounted to TSEK 4,964. Cash and cash equivalents as per 30 June 2008 amounted to TSEK 92,814 (TSEK 12,252).
 

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