Tethys Petroleum Annual Results and Corporate Update
Tethys Petroleum has released its Annual Results for 2024, revealing significant financial challenges. The company's oil and gas sales dropped 58% to $15.2 million in 2024, compared to $36.5 million in 2023, due to reduced production volume and lower prices.
The company reported a net loss of $19.1 million in 2024, contrasting with a profit of $9.7 million in 2023. Two major non-cash charges impacted the results: an impairment of Kul-Bas contract area costs and currency translation losses from the Kazakhstan tenge's depreciation against the US dollar.
Despite these setbacks, management maintains a positive outlook. The company operates with minimal debt and holds valuable assets. While acknowledging challenges in developing oil handling, gas utilization, operations, and logistics to boost production, management remains confident in addressing these issues over time.
Tethys Petroleum ha pubblicato i risultati annuali per il 2024, evidenziando importanti difficoltà finanziarie. Le vendite di petrolio e gas sono diminuite del 58%, attestandosi a 15,2 milioni di dollari nel 2024, rispetto ai 36,5 milioni del 2023, a causa della riduzione del volume di produzione e del calo dei prezzi.
L'azienda ha registrato una perdita netta di 19,1 milioni di dollari nel 2024, a fronte di un utile di 9,7 milioni nel 2023. Due rilevanti oneri non monetari hanno influenzato i risultati: una svalutazione dei costi relativi all'area contrattuale di Kul-Bas e perdite da conversione valutaria dovute alla svalutazione del tenge kazako rispetto al dollaro USA.
Nonostante queste difficoltà, la direzione mantiene un outlook positivo. L'azienda opera con un debito minimo e possiede asset di valore. Pur riconoscendo le sfide nello sviluppo della gestione del petrolio, nell'utilizzo del gas, nelle operazioni e nella logistica per aumentare la produzione, la direzione è fiduciosa di poter affrontare questi problemi nel tempo.
Tethys Petroleum ha publicado sus resultados anuales para 2024, revelando importantes desafíos financieros. Las ventas de petróleo y gas cayeron un 58%, alcanzando 15,2 millones de dólares en 2024, frente a los 36,5 millones de 2023, debido a la reducción del volumen de producción y a la baja de precios.
La compañía reportó una pérdida neta de 19,1 millones de dólares en 2024, en contraste con una ganancia de 9,7 millones en 2023. Dos cargos no monetarios importantes afectaron los resultados: una depreciación de los costos del área contractual de Kul-Bas y pérdidas por conversión de moneda debido a la depreciación del tenge kazajo frente al dólar estadounidense.
A pesar de estos contratiempos, la dirección mantiene una perspectiva positiva. La empresa opera con una deuda mínima y posee activos valiosos. Aunque reconoce los desafíos en el desarrollo del manejo del petróleo, la utilización del gas, las operaciones y la logística para aumentar la producción, la dirección confía en poder abordar estos problemas con el tiempo.
Tethys Petroleum은 2024년 연간 실적을 발표하며 심각한 재정적 어려움을 드러냈습니다. 회사의 석유 및 가스 판매는 2023년 3,650만 달러에서 2024년 1,520만 달러로 58% 감소했으며, 이는 생산량 감소와 가격 하락 때문입니다.
회사는 2024년에 1,910만 달러의 순손실을 보고했으며, 이는 2023년 970만 달러의 이익과 대조적입니다. 두 가지 주요 비현금성 비용이 실적에 영향을 미쳤는데, Kul-Bas 계약 지역 비용의 손상차손과 카자흐스탄 텡게화가 미국 달러 대비 평가 절하되면서 발생한 환산손실입니다.
이러한 어려움에도 불구하고 경영진은 긍정적인 전망을 유지하고 있습니다. 회사는 최소한의 부채로 운영되며 가치 있는 자산을 보유하고 있습니다. 석유 처리, 가스 활용, 운영 및 물류 개발에 어려움이 있지만, 경영진은 시간이 지나면서 이러한 문제들을 해결할 수 있을 것이라고 확신하고 있습니다.
Tethys Petroleum a publié ses résultats annuels pour 2024, révélant d'importants défis financiers. Les ventes de pétrole et de gaz ont chuté de 58 % pour atteindre 15,2 millions de dollars en 2024, contre 36,5 millions en 2023, en raison d'une baisse du volume de production et des prix.
L'entreprise a enregistré une perte nette de 19,1 millions de dollars en 2024, contrastant avec un bénéfice de 9,7 millions en 2023. Deux charges non monétaires majeures ont affecté les résultats : une dépréciation des coûts liés à la zone contractuelle de Kul-Bas et des pertes de change dues à la dépréciation du tenge kazakh face au dollar américain.
Malgré ces revers, la direction reste optimiste. L'entreprise fonctionne avec une dette minimale et possède des actifs précieux. Tout en reconnaissant les défis liés au développement de la gestion du pétrole, à l'utilisation du gaz, aux opérations et à la logistique pour augmenter la production, la direction reste confiante dans sa capacité à résoudre ces problèmes avec le temps.
Tethys Petroleum hat seine Jahresergebnisse für 2024 veröffentlicht und dabei erhebliche finanzielle Herausforderungen offenbart. Die Öl- und Gasverkäufe des Unternehmens sanken im Jahr 2024 um 58 % auf 15,2 Millionen US-Dollar, verglichen mit 36,5 Millionen US-Dollar im Jahr 2023, bedingt durch geringere Produktionsmengen und niedrigere Preise.
Das Unternehmen meldete im Jahr 2024 einen Nettoverlust von 19,1 Millionen US-Dollar, im Gegensatz zu einem Gewinn von 9,7 Millionen US-Dollar im Jahr 2023. Zwei wesentliche nicht zahlungswirksame Aufwendungen wirkten sich auf das Ergebnis aus: eine Wertminderung der Kosten im Kul-Bas Vertragsgebiet und Währungsverluste aufgrund der Abwertung des kasachischen Tenge gegenüber dem US-Dollar.
Trotz dieser Rückschläge bleibt das Management optimistisch. Das Unternehmen arbeitet mit minimaler Verschuldung und verfügt über wertvolle Vermögenswerte. Obwohl Herausforderungen bei der Entwicklung der Ölhändhabung, Gasverwertung, Betrieb und Logistik zur Produktionssteigerung bestehen, ist das Management zuversichtlich, diese Probleme im Laufe der Zeit zu bewältigen.
- Company maintains zero to minimal debt levels
- Company retains valuable operating assets
- Oil and gas sales dropped 58% to $15.2M in 2024 (from $36.5M in 2023)
- Net loss of $19.1M in 2024 compared to $9.7M profit in 2023
- Significant impairment charges on Kul-Bas contract area
- Currency losses from Kazakhstan tenge depreciation against USD
- Delays in production license approval
- Production volume declined
- Lower oil and gas prices impacting revenue
Grand Cayman, Cayman Islands--(Newsfile Corp. - April 29, 2025) - Tethys Petroleum Limited (TSXV: TPL) ("Tethys" or the "Company") today announced that it has filed its Annual Results for the year ended December 31, 2024 with the Canadian securities regulatory authorities comprising its Audited Financial Statements together with Management's Discussion and Analysis and other required forms. Copies of the filed documents may be obtained via SEDAR at www.sedar.com or on Tethys' website at www.tethys-group.com.
Financial highlights
Oil and gas sales decreased by
Management remains confident on the future of Tethys despite the delays experienced in the production license approval and the decline in oil and gas prices. Tethys has little to no debt and has valuable operating assets. While it will be a challenge to develop the oil handling, gas utilization, gas operations and logistics necessary to increase production, we remain confident that over time these challenges and requirements can be met. We appreciate the continued support and understanding of Tethys shareholders through a more challenging period and want shareholders to know that the board and management are doing what we can to create a good company and return on investment.
About Tethys
Tethys is focused on oil and gas exploration and production activities in Central Asia and the Caspian Region. Tethys believes that significant potential exists in both exploration and in discovered deposits in the area.
Disclaimer
Some of the statements in this document are forward-looking. No part of this announcement constitutes, or shall be taken to constitute, an invitation or inducement to invest in the Company or any other entity and shareholders of the Company are cautioned not to place undue reliance on the forward-looking statements. Save as required by applicable law, the Company does not undertake to update or change any forward-looking statements to reflect events occurring after the date of this announcement.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact Information:
Tethys Petroleum
Casey McCandless
Chief Financial Officer
info@tethys-group.com
901-763-4001
www.tethys-group.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/250239
FAQ
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