GRAND CAYMAN, CAYMAN ISLANDS, May 15, 2014 (Marketwired via COMTEX) — Tethys Petroleum Limited (“Tethys” or the “Company”) CA:TPL +1.11% UK:TPL -1.51% today announced its First Quarter 2014 Financial Results.

 

Corporate Highlights

— Drilling of a further 3 successful shallow gas exploration wells: AKK17,

AKK18 and AKK19. These wells have a predicted test capacity of over 20

million cubic feet (570,000 cubic metres) of gas per day based on nearby

similar well results. Further shallow well drilling is planned as well

as tie in of these and other wells to increase production of natural gas

— Independent report commissioned on the “Klymene” prospect in Kazakhstan

estimated Unrisked Mean Recoverable Oil Resources at over 400 million

barrels. The Klymene exploration well is planned for later this year

following successful completion of the recently announced SinoHan

acquistion

— Completion of the acquisition of a 56% interest in Blocks XIA, XIM and

XIN, in eastern Georgia; areas which the Company believes have good

potential for both unconventional and conventional oil, with independent

estimates giving some 1.8 billion barrels oil equivalent of Unrisked

Mean Recoverable Resources to Tethys’ interest

— Selection of seismic contractor for the next phase of the geophysical

acquisition on the Bokhtar PSC in Tajikistan by the joint

Tethys/TOTAL/CNPC joint operating company BOC

— Successful capital raise of USD15 million completed in May, 2014

 

Financial Highlights

— Loss for the period from continuing operations reduced 6% year-on-year

to USD 4.4 million (Q1 2013: USD4.7 million)

— Basic & diluted loss per share of USD0.01 cent from continuing

operations (Q1 2013: USD0.02 cents)

— Capital Expenditure of USD7.3 million (Q1 2013: USD1.3 million)

— Cash and cash equivalents at the end of Q1 2014 of USD13.7 million (Q1

2013: USD1.4 million)

— Oil and gas revenue from continuing operations of USD6.8 million – a

decrease of 35% on the comparative period (Q1 2013: USD10.5 million)

primarily due to trucking issues related to weather and issues with

downhole pumps (now largely resolved)

 

The full Quarterly Results together with Management’s Discussion and Analysis have been filed with the Canadian securities regulatory authorities. Copies of the filed documents may be obtained via SEDAR at www.sedar.com or on Tethys’ website at www.tethyspetroleum.com . The summary financial statements are attached to this press release.

The Company’s First Quarter 2014 financial statements are prepared under International Financial Reporting Standards (“IFRS”).

The above highlights along with other financial details will be further discussed in a scheduled conference call. Details of the conference call can be found below:

 

Conference Call:

A conference call will be held at 9:00AM EDT (2:00PM BST) on Friday, May 16, 2014. The North American conference call number is 800-299-8538 and the outside North America conference call number is +1-617-786-2902. The conference call code to use is 55303387. Please call in about 10 minutes before the starting time in order to be patched into the call.

 

Webcast:

The call is being webcast and can be accessed at:

http://www.media-server.com/m/acs/3dc574fb9ff21e9ee30eaa5e61b134aa

 

Tethys is focused on oil and gas exploration and production activities in Central Asia and the Caspian Region. This highly prolific oil and gas area is rapidly developing and Tethys believes that significant potential exists in both exploration and in discovered deposits.

Contacts:

Tethys Petroleum Limited

Sabin Rossi

Vice President Investor Relations

[email protected]

Media / IR Enquiries

London

FTI Consulting

Ben Brewerton/Adam Cubbage/James Styles

+44 203 727 1000

Asia Pacific

Quam IR

Anita Wan

+852 2217 2999

Tethys Petroleum Limited

[email protected]

http://www.tethyspetroleum.com

https://twitter.com/tethyspetroleum

 

SOURCE: Tethys Petroleum Limited