Tethys Oil : Production, Sales and Entitlement update first quarter 2024
April 23, 2024 at 10:37 am EDT
Share
English
Swedish
Published: 2024-04-23 16:30:00 CEST
Tethys Oil AB
Investor News
Production, Sales and Entitlement update first quarter 2024
Tethys Oil's share of production from Blocks 3&4 during the first quarter 2024, before government take, amounted to 730,878 barrels of oil, corresponding to 8,032 barrels of oil per day. The net entitlement, Tethys Oil's share of production after government take, amounted to 380,053 barrels of oil, corresponding to 52 percent of the total production. A total of 364,859 barrels of oil were sold in the quarter with an achieved oil price of USD 79.5 per barrel.
Production
(bbl)*
Net entitlement barrels (bbl)**
Oil sales
(bbl)
Achieved oil price
(USD/bbl)
Q1 2024
730,878
380,053
364,859
79.5
Q4 2023
772,515
401,708
383,004
90.4
Q3 2023
780,676
405,952
417,275
76.9
Q2 2023
818,432
425,585
463,196
81.6
Q1 2023
847,002
440,441
471,550
81.7
Full year 2023
3,218,625
1,673,685
1,735,025
82.4
Full year 2022
3,628,074
1,664,363
1,585,534
94.2
* Before government take ** After government take
Net entitlement is the share of production available for sale by Tethys Oil and is calculated monthly in accordance with the terms of the Exploration and Production Sharing Agreement (EPSA) for Blocks 3&4. The net entitlement will vary depending upon the level of production, oil price and recoverable costs incurred during the period. For further explanation of the calculation of net entitlement, see Tethys Oil's annual report for 2023.
The oil sales of 364,859 barrels in the first quarter 2024 reflects the January, February, and March lifting nominations. Consequently, the first quarter 2024 Achieved oil price reflects the Official Selling Price ("OSP") of January to March 2024. Average Official Selling Price in that same period was USD 79.9 per barrel.
Tethys Oil's interim report for the first quarter 2024 will be published on 7 May 2024 at approximately 7:30 CEST.
Tethys Oil is an oil exploration and production company with focus on onshore areas with known oil discoveries. The company's core area is the Sultanate of Oman, where it holds interests in Blocks 3&4, Block 49, Block 56 and Block 58. Tethys Oil has net working interest 2P reserves of 21.7 mmbo and net working interest 2C Contingent Resources of 15.5 mmbo and had an average oil production of 8,818 barrels per day during 2023. The company's shares are listed on Nasdaq Stockholm (TETY). Website: www.tethysoil.com
Attachments:
Production Sales and Entitlement update first quarter 2024.pdf
This news release was distributed by Company News System, www.nasdaqomxnordic.com/news/marketnotices
To subscribe on regulatory news from this company, go to the subscription page
Attachments
Original Link
Permalink
Disclaimer
Tethys Oil AB published this content on
23 April 2024 and is solely responsible for the information contained therein. Distributed by
Public, unedited and unaltered, on
23 April 2024 14:36:06 UTC.
Tethys Oil AB is a Sweden-based energy company. The Company is focused on oil and gas exploration and production onshore areas with known discoveries. Its core area of focus is the Sultanate of Oman, where the Company holds licence interests in three onshore blocks. Tethys Oil has licences in three countries altogether: Oman, Lithuania and France. Two of the licenses are in production, namely Blocks 3 & 4 in Oman and Gargzdai in Lithuania. During 2013 the Company also had licenses in Sweden, however, they have expired and were not renewed. As of December 31, 2013, the Company had 10 wholly owned subsidiaries active in Sweden, Gibraltar, Switzerland and the British Virgin Islands, such as Tethys Oil Denmark AB, Tethys Oil Spain AB and Tethys Oil Turkey AB, among others.