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.