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Half year and second quarter report 2013

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Second quarter 2013

  • Production from Oman and Lithuania of 399,839 barrels corresponding to
    4,394 barrels per day
  • Tethys Oil approved for listing on NASDAQ OMX Stockholm
  • Drilling program with 3 appraisal wells launched on B4EW4 structure on
    Block 4 in Oman
  • An additional drilling rig, the third in operation within the Block 3 and 4
    area, has been employed
  • Lithuania exploration well flows small amounts of oil and confirms presence
    of an active petroleum system
  • Net sales of MSEK 110 (MSEK 154)
  • Net result after tax MSEK 39 (MSEK 15)
  • Earnings per share before and after dilution of SEK 1.10 (SEK 0.46)
  • Second quarter sales negatively impacted by timing differences following
    over and under lift adjustments
  • The investment budget has been extended from MSEK 300 to MSEK 355 to fund
    appraisal drilling and additional seismic

 

Half year 2013

  • Net sales of MSEK 257 (MSEK 298)
  • Net result after tax MSEK 144 (MSEK 123)
  • Earnings per share before and after dilution of SEK 4.04 (SEK 3.75)  

 

Subsequent events

  • Second appraisal well on B4EW4 structure has been drilled to its final
    depth and encountered oil – testing in progress
  • Tethys Oil’s share of production from Oman during July amounted to 139,998
    barrels corresponding to 4,516 barrels per day

 


              1 Jan 2013 -  1 Apr 2013 -  1 Jan 2012 1 Apr 2012 -  1 Jan 2012 -
MSEK (unless  30 Jun        30 Jun        - 30 Jun   30 Jun        31 Dec
specifically  2013          2013          2012       2012          2012         
stated)       6 months      3 months         6       3 months      12 months
                                          months

Production,
before        768,321       399,839       586,562    302,081       1,345,854
government
take (bbl)

Net sales,
after         366,354       156,816       380,416    184,994       776,248
government
take (bbl)

Average
selling price 107.68        107.26        113.83     119.34        110.35
per barrel,
USD

Net sales of  257           110           298        154           584
oil and gas

Operating     173           49            122        -4            336
result

EBITDA        237           83            238        120           530

Result for    144           39            123        15            314
the period

Earnings per  4.04          1.10          3.75       0.46          9.11
share, SEK

Cash and cash 237           237           44         44            248
equivalents

Shareholders’ 990           990           704        704           860
equity

Long term     419           419           3          3             417
debt

Investments   149           114           442        232           875


   

(For full report, see attached file)

 

For further information, please contact

Magnus Nordin, Managing Director, phone +46 8 505 947 02; magnus@tethysoil.com

or

Morgan Sadarangani, CFO, phone +46 8 505 947 01; morgan@tethysoil.com

 

Tethys Oil is a Swedish energy company focused on exploration and production of
oil and natural gas. Tethys Oil’s core area is Oman, where the company is one
of the largest onshore oil and gas concession holders. Tethys Oil also have
exploration and production assets onshore France, Lithuania and Sweden.

The shares are listed on NASDAQ OMX Stockholm (TETY).

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