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Tethys production revenues from Kazakhstan, Uzbekistan exceed $2.8m |
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Monday, 17 August 2009Tethys Petroleum Limited on 14 August announced its half year and second quarter 2009 financial results which are underscored by a 79% increase in revenues over the second quarter of last year and a five fold increase over the first quarter of this year.
The company reports financial results in accordance with the International Financial Reporting Standards (IFRS). Production revenues for the quarter from Kazakhstan and Uzbekistan totaled some $2.8 million compared to $1.6 million for the same period in 2008 and $500,000 for the first quarter of 2009, Marketwire reported.
The newly acquired North Urtabulak oil project in Uzbekistan contributed approximately $1.6 million of the second quarter of 2009 revenues. Oil production from the North Urtabulak field attributable to Tethys in the second quarter of 2009 averaged 914 barrels of oil per day (bopd) compared to current net production which is some 1,000 bopd.
Gas production from the Kyzyloi Field in Kazakhstan increased by 236% in the second quarter of 2009 compared to the first quarter of 2009 with the work on the upgrading of the Kyzyloi production system being completed (to take Phase 2 Akkulka Field gas).
However, because of restrictions further up in the Bukhara-Urals gas trunkline Kyzyloi gas output was reduced to approximately half of its planned production level with effect from the middle of May averaging some 400,000 cubic metres a day (Mcm/d) (14.1 million cubic feet a day (MMcf/d)) for the quarter.
As a result of this reduction in the Kyzyloi output the level of revenue generated in Kazakhstan in the second quarter of 2009 was less than anticipated at approximately $1.2 million. This restriction has now been removed and gas production is currently some 520 Mcm/d (18.4 MMcf/d) to be progressively increased to 566 Mcm/d (20MMcf/d).
A net loss of approximately $5.6 million was recorded in the second quarter of 2009 compared to a net loss of approximately $5 million for the same period in 2008. Capital expenditure of approximately $4.8 million was incurred in the second quarter of 2009 compared to $9.6 million for the same period in 2008.
Tethys is focused on oil and gas exploration and production activities in Central Asia with activities currently in the Republics of Kazakhstan, Tajikistan and Uzbekistan. This highly prolific oil and gas area is rapidly developing and Tethys believes that significant potential exists in both exploration and in discovered deposits. |
Monday, 17 August 2009
UzReport.com
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