Tethys Oil
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Tethys Oil (TETY) investor relations material

Tethys Oil has been delisted

Tethys Oil Q3 2024 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2024 earnings summary5 Nov, 2024

Executive summary

  • Q3 2024 featured stable production at 7,717 bopd, recovery from weather disruptions, and significant operational milestones, including the drilling of Kunooz-1 and progress on Block 56's FDP.

  • Roc Oil launched a public offer at SEK 58.70 per share, representing an 89–89.5% premium to the pre-offer share price, with the board recommending acceptance; acceptance period runs until December 2, 2024.

  • The company may transition to private ownership if the Roc Oil offer is accepted by shareholders by December 2, 2024.

  • Significant investments in oil & gas properties ($23.1M in Q3) led to negative free cash flow and a reduction in net cash to $9.3M.

  • A $60M term loan facility was secured, with $7.1M drawn in Q3 to support ongoing investments.

Financial highlights

  • Q3 2024 revenue and other income totaled $30.8M (flat vs. Q2 2024); EBITDA was $15.2M (down from $15.7M in Q2 2024).

  • Free cash flow was negative at $8.8M, mainly due to higher investments and lower operational cash flow.

  • Cash and cash equivalents at quarter-end were $16.4M, with net cash position at $9.3M.

  • Operating expenses per barrel remained stable at $18.0 for the second consecutive quarter.

  • Net result was -$0.3M, mainly due to unrealized exchange losses.

Outlook and guidance

  • Full-year 2024 production guidance narrowed to 7,800–8,000 bopd, with opex expected at $18.0/bbl.

  • Full-year capital expenditure expected at $78M, mainly due to additional testing at Kunooz-1.

  • Investments to be financed by operating cash flow, cash on hand, and available debt facilities.

  • Block 56 FDP approval anticipated before year-end; Block 58 Kunooz-1 testing ongoing.

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