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Tethys Petroleum reports record net sales for full year 2014


Published Jan 28, 2015
Tethys Petroleum Limited-2

The growth in sales from Tethys' production in the Sultanate of Oman continued in the fourth quarter 2014, and the company reports record net sales of MSEK 1,046 for the full year 2014. The increasingly stronger USD to the SEK during the fourth quarter has positively affected the company's liquidity. The book value of the producing assets in Lithuania is written off completely following the sharp drop in oil prices.

Tethys Oil's net sales amounted during the fourth quarter 2014 to MSEK 310 and to MSEK 1,046 during the full year 2014. The average selling price during the quarter was USD 97.1 per barrel and 434,035 barrels were sold. The average selling price during 2014 was USD 103.9 per barrel and 1,464,228 barrels were sold. As per 31 December 2014, the overlift position amounted to 12,828 barrels (underlift of 27,188 barrels as per 30 September 2014). All oil sales relate to Blocks 3&4 in Oman, where Tethys Oil holds 30 per cent of the licence.

Tags: Tethys Petroleum Limited




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