Tethys has announced its third quarter 2009 financial results. The results are underlined by a 60% increase in revenues over the third quarter of last year.
The Company reports financial results in accordance with International Financial Reporting Standards ("IFRS").
- Production revenues for the quarter from Kazakhstan and Uzbekistan totaled some US $2.426 million compared to US $1.484 million for the same period in 2008.
- Capital expenditure in the three months to September 30, 2009 was US $8.337 million compared to US $14.152 million in the same period of 2008. Capital expenditure for the period focused operationally on:
- Drilling of the "deep" exploration well AKD01 at Akkulka, Kazakhstan
- Drilling of the new East Komsomolsk well KOM200 in Tajikistan
- Drilling of exploration well EOL 09 at East Olimtai in Tajikistan
- Tajik seismic data processing
- Workovers on wells in Uzbekistan
- A net loss of $3.944 million was recorded in the three months to September 30, 2009, compared to $4.964 million in the three months to September 30, 2008. As at September 30, 2009 in Uzbekistan products valued at $815,000 were stored in inventory. This stock is being held in inventory for a batch sale, which should realize a better price and had this stock been sold the net loss would have been significantly reduced.
- Operating costs for Q3 2009 were US $0.748 million compared to US $0.275 million for the same period in 2008 primarily as a result of commencing oil production in Uzbekistan.
- G & A costs in the three months to September 30, 2009 were US $3.268 million compared to US $3.429 million the same period of 2008.
Tethys is focused on oil and gas exploration and production activities in Central Asia with activities currently in the Republics of Tajikistan, Kazakhstan and Uzbekistan. This highly prolific oil and gas area is rapidly developing and Tethys believes that significant potential exists in both exploration and in discovered deposits.