Proactiveinvestors recommends
Additional Information
Market: TSX
Sector: Energy
EPIC: TPL
Latest Price: C$0.72  (7.46% Ascending)
52-week High: C$1.69
52-week Low: C$0.44
Market Cap: C$187.65M
1 year chart
digital-look imported chart image
1 day chart
digital-look imported chart image
Watchlist/Portfolio

Add to watchlist:

Only registered members can add into watchlist !

Register here !
Tethys Petroleum
www.tethyspetroleum.com

Tethys Petroleum Limited's strategy is to create shareholder value by building an oil and gas exploration and production company focused on Central Asia in areas with substantial oil and gas potential, building on the strengths of its management team and with a mix of short-term cash flow and upside potential. Currently Tethys has projects in Kazakhstan, Tajikistan and most recently Uzbekistan. Tethys is listed on the Toronto Stock Exchange in Canada and on the Kazakhstan Stock Exchange (KASE: GG_TPL_)

Full Tethys Petroleum profile here
Pdf

Tethys Petroleum third quarter revenue up 60 percent, narrows loss

16th Nov 2009, 4:00 pm Tethys Petroleum third quarter revenue up 60 percent, narrows loss

Tethys Petroleum Ltd (TSX: TPL) reported a 60 percent year-on-year rise in third quarter revenues and that pretax loss narrowed to US$3.94 million from US$4.96 million in the three months to end-September 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 – with the latter two hosting the group’s producing assets. This highly prolific oil and gas area is rapidly developing and Tethys believes that significant potential exists in both exploration and in discovered deposits, it said in a statement.

Production revenues for the quarter from Kazakhstan and Uzbekistan totaled some US$2.43 million compared to US$1.484 million for the same period in 2008.

In the first nine months, revenues rose to US$5.75 million from US$4.84 million a year earlier, while pretax loss widened to US$15.5 million from US$14.6, mainly due to an increased forex loss.

As at September 30, in Uzbekistan products valued at US$815,000 were stored in inventory. This stock is being held in inventory for a batch sale.

In its latest update for  investors on its operations in Central Asia at the end of October, Tethys said it had identified the location for the next development well at the North Urtabulak field in Uzbekistan and commenced production testing at one of the two hydrocarbon bearing intervals in the AKD01 well at Akkulka in Kazakhstan.

Operations in Tajikistan have been focused on stabilising the KOM200well at East Komsomolsk after a significant gas influx was encountered in the upper section of the well, which is being conditioned for further drilling from the current depth of 1,020 metres. The well was in the first reservoir zone, where a further significant gas influx occurred with up to 78 percent methane being observed at surface. Tethys also said its East Olimtoi (EOL09) exploration well was at its next planned casing point at a depth of 2,910 metres.

The company also announced in October it had selected the location for the NUR116 development well at the North Urtabulak oilfield in Uzbekistan.

No investment advice

The Company is a publisher and is not registered with or authorised by the Financial Services Authority (FSA). You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.