logo-loader

Tethys Petroleum quarterly revenues almost halve

Published: 09:56 16 Aug 2016 BST

Oil pump and barrels
For the quarter ended June, oil and gas revenue was down 48%.

Shares in Tethys Petroleum Ltd (LON:TPL, TSX:TPL) fell 13% Tuesday Morning after it reported revenues were hit by the fall in oil prices.

For the quarter ended June, oil and gas revenue was down 48% to US$3.5mln compared to US$6.8mln last year, production expenses were down 68%.

Production expenses were down 68% to US$1.3mln, from US$4.2mln the year before. General admin expenses were down 60% to US$1.2mln.

Interim finance obtained as part of larger on-going strategic transactions pushed net debt higher.

Current quarter oil production averaged 965 bopd compared with 1,954bopd in the same period last year. Tethys said it reflected a natural decline in overall production as well as prolonged spring oil trucking disruption.

Oil prices averaged US$7.94/bbl in the period compared with US$13.00/bbl last year, a reduction of 39%, reflecting the fall in world oil prices and the devaluation of the Tenge, said the group

The quarter saw first US$1mln drawdown of a newly agreed US$10mln loan facility from a leading Kazakhstan bank.

Tethys’s partners in Tajikistan filed for arbitration proceedings relating to its cash call defaults and the partners' notice to withdraw.

Shares were down 13% to 1.30p.

FTSE rises ahead of Easter weekend, JD Sport gains on upbeat outlook -...

The FTSE 100 gained on the final morning of this shortened Easter trading week. Festive cheer was limited though, as Thames Water confirmed shareholders would not provide it with a £500 million rescue package, prompting speculation over the London supplier’s future. On a more positive...

1 hour, 38 minutes ago