Tethys Petroleum Annual Results and Corporate Update

Rhea-AI Summary

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.

AI-generated analysis. Not financial advice.

Positive

• Company maintains zero to minimal debt levels
• Company retains valuable operating assets

Negative

• 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

News Market Reaction – TETHF

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+34.85% News Effect

On the day this news was published, TETHF gained 34.85%, reflecting a significant positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

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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 58% to $15.2 million in 2024 from $36.5 million in 2023 due to lower production volume and lower prices. The net loss for 2024 was $19.1 million compared with a profit of $9.7 million in 2023. The Group's results in 2024 were negatively impacted by two significant non-cash charges: an impairment of Kul-Bas contract area costs that were unrelated to the current Klymene field development and also by currency translation differences from depreciation of the Kazakhstan tenge against the US dollar.

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

What caused Tethys Petroleum (TETHF) revenue drop in 2024?

Tethys Petroleum's oil and gas sales decreased by 58% to $15.2 million in 2024 (down from $36.5 million in 2023) due to lower production volume and lower oil and gas prices.

How much loss did TETHF report in 2024 annual results?

Tethys Petroleum reported a net loss of $19.1 million in 2024, compared to a profit of $9.7 million in 2023.

What are the main factors affecting TETHF 2024 financial performance?

Two significant non-cash charges impacted TETHF's 2024 results: impairment of Kul-Bas contract area costs and currency translation losses from Kazakhstan tenge depreciation against the US dollar.

What is Tethys Petroleum's current debt situation in 2024?

According to the press release, Tethys Petroleum has little to no debt while maintaining valuable operating assets.

What are the main challenges facing TETHF's production growth?

The main challenges include developing oil handling systems, gas utilization, gas operations, and logistics necessary to increase production, along with delays in production license approval.