Tethys Oil AB: Correction of export reporting error affects fourth quarter 2016 revenue and result negatively
Tethys Oil has been informed by the operator of Block 3 and 4, that due to an inadvertent fiscal metering calibration problem, an over-reporting of exported oil from Blocks 3 and 4 during the period August 2010 until February 2016 occurred. Tethys Oil estimates that its share of the overestimated volume of oil amounts to 157,000 barrels (before government take). To rectify the over-reported quantity of delivered oil, the Blocks 3 and 4 partners have agreed with the pipeline operator and the Ministry of Oil and Gas to repay the over-lifted amount in cash. Tethys Oil estimates, that Tethys