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Tethys Oil
Tethys Oil (TETY) investor relations material
Tethys Oil has been delisted
Tethys Oil Q3 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2024 earnings summary5 Nov, 2024
Executive summary
Q3 2024 featured stable production at 7,717 bopd, recovery from weather disruptions, and a positive production trend into Q4.
Roc Oil launched a public offer at SEK 58.70 per share, representing an 89–89.5% premium and valuing the company at SEK 1.894 billion; the board recommends acceptance, with the acceptance period ending December 2, 2024.
Drilling of Kunooz-1 on Block 58 completed, with open hole test program ongoing and initial exploration phase extended by one year.
Field Development Plan for Block 56 nearing approval, expected in Q4 2024.
$60 million, five-year amortizing term loan secured, with $7.1 million drawn in Q3 to support investments.
Financial highlights
Q3 2024 revenue and other income: $30.8 million (flat vs. Q2 2024); EBITDA: $15.2 million (down from $15.7 million in Q2 2024).
Free cash flow: -$8.8 million (down from $3.1 million in Q2 2024) due to higher investments and lower operational cash flow.
Cash and cash equivalents: $16.4 million at quarter-end, with net cash position of $9.3 million.
Operating expenses per barrel: $18.0 (unchanged from Q2 2024).
Net result: -$0.3 million (down from $4.5 million in Q2 2024), mainly due to unrealized exchange losses.
Outlook and guidance
Full-year 2024 production guidance narrowed to 7,800–8,000 bopd, reflecting stable and improving trends.
Full-year capital expenditure expected at $78 million, mainly due to additional testing at Kunooz-1.
Operating expenditure for 2024 expected at $18.0/bbl.
All planned investments to be financed through cash flow, cash on hand, and available debt facilities.
Block 56 FDP approval anticipated before year-end; Block 58 Kunooz-1 testing ongoing.
Kunooz-1: implications of drilling blind
Block 56 FDP: reason for approval delay
Roc offer: conditions for irrevocables release
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Tethys Oil
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Frequently asked questions
Tethys Oil AB is a Swedish listed oil and gas company focusing on the exploration and production of oil and natural gas properties. Tethys Oil primary focus is on owning, exploring, developing and producing projects mainly in northeast China, where it has access to some of the world's largest undeveloped shale gas resources. In addition to its producing assets, Tethys has an extensive portfolio of license areas in northeast China. Tethys Oil AB is based in Stockholm, Sweden.
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