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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Tethys | LSE:TPL | London | Ordinary Share | KYG876361091 | ORD USD0.10 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.125 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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Tethys Petroleum Limited Press Release: 2016 Q2 Results
FOR: TETHYS PETROLEUM LIMITED
TSX, LSE SYMBOL: TPL
August 15, 2016
Tethys Petroleum Limited Press Release: 2016 Q2 Results
GRAND CAYMAN, CAYMAN ISLANDS--(Marketwired - Aug. 15, 2016) - Tethys Petroleum Limited (TSX:TPL)(LSE:TPL) today
announced its Results for the quarter ended June 30, 2016.
Q2 Financial Highlights (all figures reported in USD unless stated otherwise. 2015 amounts are for the quarter
ended June 30, 2015).
=- Oil and gas revenue down 48% to USD3.5m (2015: USD6.8m);
=- Production expenses down 68% to USD1.3m (2015: USD4.2m);
=- G&A expenses down 60% to USD1.2m (2015: USD3.1m);
=- Loss of USD4.9m (2015: USD25.3m) due to lower depreciation, depletion
and amortisation;
=- Capital expenditure down 92% due to lower spend on the Company's assets
relating to Kazakhstan exploration and development and Tajikistan
exploration;
=- Net debt increased as a result of interim finance obtained as part of
larger strategic transactions which are ongoing.
Q2 Operational Highlights
Oil
=- Current quarter oil production averaged 965 bopd compared with 1,954
bopd in Q2 2015, reflecting a natural decline in overall production as
well as prolonged spring oil trucking disruption;
=- Oil production cost per barrel in the current quarter reduced to USD7.73
compared with USD7.81 in Q2 2015 despite lower production volume as a
result of cost reductions initiatives as well as the devaluation of the
Kazakhstan currency, the Tenge;
=- Oil prices averaged USD7.94 per bbl in the quarter compared with
USD13.00 per bbl in Q2 2015, a reduction of 39%, reflecting the fall in
World oil price and the devaluation of the Tenge.
Gas
=- Current quarter gross gas production averaged 2,312 boe/d compared with
3,250 boe/d in Q2 2015, reflecting a natural decline in overall
production;
=- Gas production cost per Mcm in the current quarter reduced to USD16.84
compared with USD22.90 in Q2 2015 despite lower production volume as a
result of cost reduction initiatives as well as the Tenge devaluation;
=- An increase in gas price in local currency of over 50 percent was
obtained from January 1, 2016, however, this was negatively affected in
USD terms due to the Tenge devaluation.
Note: 6,000 cubic feet (169.9 cubic metres) of natural gas = 1 barrel of oil has been used and is based on the
standard energy equivalency conversion method primarily applicable at the burner tip and does not represent a
value equivalency at the wellhead.
Q2 Corporate Highlights
=- All resolutions put to shareholders at the Annual General and Special
Meeting held on May 31, 2016 were passed on a poll at the meeting
including the transaction with Olisol;
=- The Company received the first USD1 million drawdown of a newly agreed
USD10 million loan facility from a leading Kazakhstan bank;
=- Total and CNPC, the Company's partners in Tajikistan filed for
arbitration proceedings at the International Court of Arbitration in
relation to the Company's cash call defaults and the partners' notice to
withdraw;
=- The full Q2 Results together with Management's Discussion & 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 the Tethys website at www.tethyspetroleum.com. The summary
financial statements are attached to this press release.
Cautionary Statements
This press release contains "forward-looking information" which may include, but is not limited to, statements
with respect to our operations and completion of the Olisol transaction. Such forward-looking statements
reflect our current views with respect to future events and assume the completion of the Olisol transaction.
These forward-looking statements are subject to certain risks and uncertainties, including the risk that the
Olisol transaction will not receive required court and regulatory approvals, that closing conditions will not
be satisfied or that one or more aspects of the Olisol transaction will be otherwise delayed and accordingly
that the Olisol transaction will not be completed. See our Annual Information Form for the year ended December
31, 2015 for a description of risks and uncertainties relevant to our business, including our exploration
activities.
About Tethys Petroleum
Tethys Petroleum's aim is to become the leading independent E&P Company in Central Asia, by exercising capital
discipline, by generating cash flow from existing discoveries and by maturing large exploration prospects
within our highly attractive frontier acreage.
Tethys Petroleum Limited
Consolidated Statement of Financial Position
(in thousands of US dollars)
As at
June 30, December 31,
2016 2015
=---------------------------------------------------------------------------
Non-current assets
Intangible assets 66,626 64,202
Property, plant and equipment 107,903 113,397
Restricted cash 2,235 2,233
Investment in joint arrangements 4 4
Trade and other receivables 2,235 2,457
Deferred tax 215 226
=---------------------------------------------------------------------------
179,218 182,519
Current assets
Cash and cash equivalents 700 3,272
Trade and other receivables 4,747 3,710
Inventories 904 879
Restricted cash 65 215
=---------------------------------------------------------------------------
6,416 8,076
=---------------------------------------------------------------------------
Total assets 185,634 190,595
=---------------------------------------------------------------------------
Non-current liabilities
Trade and other payables 93 133
Financial liabilities - borrowings 2,114 22,873
Deferred tax 10,362 10,792
Provisions 878 846
=---------------------------------------------------------------------------
13,447 34,644
Current liabilities
Financial liabilities - borrowings 28,388 9,159
Derivative financial instruments 6 275
Current taxation 460 398
Trade and other payables 15,760 14,189
Provisions 147 360
=---------------------------------------------------------------------------
44,761 24,381
=---------------------------------------------------------------------------
Total liabilities 58,208 59,025
Equity
Share capital 40,000 33,696
Share premium 321,803 321,803
Other reserves 43,329 43,166
Accumulated deficit (283,642) (273,189)
Non-controlling interest 5,936 6,094
=---------------------------------------------------------------------------
Total equity 127,426 131,570
=---------------------------------------------------------------------------
Total equity and liabilities 185,634 190,595
=---------------------------------------------------------------------------
Tethys Petroleum Limited
Consolidated Statements of Comprehensive Income (Loss)
(in thousands of US dollars except per share information)
Three months ended Six months ended
June 30 June 30
=---------------------------------------------------------------------------
2016 2015 2016 2015
Sales and other revenues 3,529 6,838 6,984 12,792
Sales expenses (733) (1,279) (1,467) (2,381)
Production expenses (1,328) (4,159) (2,524) (6,767)
Depreciation, depletion and
amortisation (2,927) (20,614) (5,783) (21,288)
Administrative expenses (1,230) (3,103) (3,025) (5,924)
Restructuring costs (676) (1,613) (1,423) (1,932)
Transaction costs of assets
held for sale - (945) - (1,065)
Share based payments (81) (118) (163) (265)
Profit on sale of fixed
assets - 29 10 43
Foreign exchange gain/(loss) 50 (208) 123 (215)
Fair value gain/(loss) on
derivative financial
instrument 65 (1,547) 269 (469)
Profit/(loss) from jointly
controlled entity - 15 - (235)
Finance costs (2,012) (1,949) (3,942) (2,527)
=---------------------------------------------------------------------------
(8,872) (35,491) (17,925) (43,025)
=---------------------------------------------------------------------------
Loss before tax from
continuing operations (5,343) (28,653) (10,941) (30,233)
Taxation 409 3,375 330 2,921
=---------------------------------------------------------------------------
Loss from continuing
operations (4,934) (25,278) (10,611) (27,312)
Loss from discontinued
operations net of tax - (36) - (77)
=---------------------------------------------------------------------------
Loss and total comprehensive
income (4,934) (25,314) (10,611) (27,389)
Loss and total comprehensive
income attributable to:
Shareholders (4,776) (25,313) (10,453) (27,386)
Non-controlling interest (158) (1) (158) (3)
=---------------------------------------------------------------------------
Loss and total comprehensive
income (4,934) (25,314) (10,611) (27,389)
=---------------------------------------------------------------------------
Loss per share attributable
to shareholders:
Basic and diluted - from
continuing operations (USD) (0.01) (0.08) (0.03) (0.08)
Basic and diluted - from
discontinued operations
(USD) - - - -
=---------------------------------------------------------------------------
Tethys Petroleum Limited
Consolidated Statements of Cash Flows
(in thousands of US dollars)
Three months ended Six months ended
June 30 June 30
=---------------------------------------------------------------------------
Cash flow from operating
activities
Loss before tax from continuing
operations (5,343) (28,653) (10,941) (30,233)
Loss before tax from
discontinued operations - (36) - (77)
=---------------------------------------------------------------------------
Adjustments for:
Share based payments 81 118 163 265
Net finance cost 2,012 1,949 3,942 2,527
Depreciation, depletion and
amortisation 2,927 20,614 5,783 21,288
Profit on sale of fixed assets (10) (29) (10) (43)
Fair value gain on derivative
financial instruments (65) 1,547 (269) 469
Net unrealised foreign exchange
(gain)/loss (293) 147 (357) 26
(Profit)/loss from jointly
controlled entity - (15) - 235
Movement in provisions (845) (1,197) (1,636) (1,990)
Net change in working capital (79) 1,474 (216) 2,115
=---------------------------------------------------------------------------
Cash used in operating
activities (1,615) (4,081) (3,541) (5,418)
Corporation tax paid (21) (4) (21) (134)
=---------------------------------------------------------------------------
Net cash used in operating
activities (1,636) (4,085) (3,562) (5,552)
Cash flow from investing
activities:
Interest received - 46 - 91
Expenditure on exploration and
evaluation assets (177) (2,737) (455) (3,942)
Expenditure on property, plant
and equipment (165) (1,297) (281) (2,039)
Proceeds from sale of fixed
assets 33 113 33 113
Movement in restricted cash (3) (147) 148 (151)
Movement in advances to
construction contractors (203) 99 (199) 190
Movement in value added tax
receivable 206 368 428 719
Net change in working capital 61 605 39 (1,522)
=---------------------------------------------------------------------------
Net cash used in investing
activities (248) (2,950) (287) (6,541)
Cash flow from financing
activities:
Proceeds from issuance of
borrowings, net of issue costs 1,500 9,100 3,500 18,235
Repayment of borrowings (234) (4,198) (574) (4,665)
Interest paid on borrowings (544) (554) (1,713) (908)
Movement in other non-current
liabilities (21) (27) (68) (56)
=---------------------------------------------------------------------------
Net cash generated from
financing activities 701 4,321 1,145 12,606
Effects of exchange rate changes
on cash and cash equivalents 750 669 132 561
=---------------------------------------------------------------------------
Net (decrease)/increase in cash
and cash equivalents (433) (2,045) (2,572) 1,074
Cash and cash equivalents at
beginning of the period 1,133 6,987 3,272 3,868
=---------------------------------------------------------------------------
Cash and cash equivalents at end
of the period 700 4,942 700 4,942
=---------------------------------------------------------------------------
FOR FURTHER INFORMATION PLEASE CONTACT:
Tethys Petroleum
info@tethyspetroleum.com
Web: http://www.tethyspetroleum.com
Tethys Petroleum Limited
(END) Dow Jones Newswires
August 16, 2016 02:00 ET (06:00 GMT)
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