Tethys Petroleum Interim Results and Corporate Update

Rhea-AI Summary

Tethys Petroleum (TSXV: TPL) has released its Q3 2024 interim financial results. The company reported a 52% decrease in oil and gas sales to $5.4 million, compared to $11.1 million in the same period of 2023, primarily due to reduced oil production. The company recorded a net loss of $0.6 million, contrasting with a profit of $4.2 million in 2023. Operationally, production commenced at KBD-6 on November 19th and at KBD-2 on November 22nd, with KBD-07 scheduled to start production the following week.

Positive

• Production commenced at two wells (KBD-6 and KBD-2)
• Additional well (KBD-07) scheduled to start production

Negative

• 52% decrease in oil and gas sales from $11.1M to $5.4M
• Net loss of $0.6M compared to $4.2M profit in previous year
• Reduced oil production affecting revenue

Grand Cayman, Cayman Islands--(Newsfile Corp. - November 26, 2024) - Tethys Petroleum Limited (TSXV: TPL) ("Tethys" or the "Company") today announced that it has filed its interim results for the three months ended September 30, 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.sedarplus.ca or on Tethys' website at www.tethys-group.com.

Financial highlights

Oil and gas sales decreased by 52% to $5.4 million in the three months of 2024 from $11.1 million in 2023 due primarily to the reduction of oil production. The net loss for the period was $0.6 million compared with a profit of $4.2 million in 2023.

Operations update

Production from the KBD-6 commenced on November 19^th, and production from KBD-2 commenced on November 22. KBD-07 is scheduled to commence production next week.

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 
901-763-4001 

info@tethys-group.com
www.tethys-group.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/231463

FAQ

What was Tethys Petroleum's (TETHF) revenue in Q3 2024?

Tethys Petroleum reported oil and gas sales of $5.4 million in Q3 2024, representing a 52% decrease from $11.1 million in Q3 2023.

How many new wells did Tethys Petroleum (TETHF) start production from in November 2024?

Tethys Petroleum started production from two wells in November 2024: KBD-6 on November 19th and KBD-2 on November 22nd.

What was Tethys Petroleum's (TETHF) net income for Q3 2024?

Tethys Petroleum reported a net loss of $0.6 million for Q3 2024, compared to a profit of $4.2 million in Q3 2023.