Tethys' 3Q Report Underlined by 60% Increase in Revenues
Tethys Petroleum Ltd.
| Monday, November 16, 2009 | 6:13 AM EST
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").
HIGHLIGHTS
- 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.
RELATED COMPANIES
Most Popular Articles
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- UK Oil Regulator Publishes New Emissions Reduction Plan
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- PetroChina Posts Higher Annual Profit on Higher Production
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- McDermott Settles Reficar Dispute
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- USA Commercial Crude Oil Inventories Increase
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil Demand Outpaces Expectations, Testing Calculus on Peak Crude
- House Passes Protecting American Energy Production Act
- TotalEnergies Restarts Production in Denmark's Biggest Gas Field
- USA Oil and Gas Job Figures Jump
- Republican Lawmakers Say IEA Has Abandoned Energy Security Mission
- Blockchain Demands Attention in Oil and Gas
- Houthis Warn Saudi Arabia of Retaliation If It Backs USA Attacks
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Summer Pump Prices Set to Hit $4 a Gallon Just as Americans Hit the Road
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension
- Equinor Makes Discovery in North Sea