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Tethys Oil (TETY) investor relations material

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, strong oil prices, and recovery from prior weather disruptions, with a positive production trend into Q4.

  • Roc Oil Company launched a public offer at SEK 58.70 per share, representing an 89% premium to pre-announcement price; the board recommends acceptance, with the acceptance period ending December 2, 2024.

  • Drilling of Kunooz-1 on Block 58 completed, with open hole test program ongoing; initial exploration phase extended by one year.

  • Field Development Plan for Block 56 nearing approval, expected in Q4 2024.

  • Entered into a $60M term loan facility, with $7.1M drawn in Q3 to support investments.

Financial highlights

  • Q3 2024 revenue and other income totaled $30.8M, flat compared to Q2; EBITDA was $15.2M, down from $15.7M, mainly due to higher expenses.

  • Free cash flow was -$8.8M, down from $3.1M in Q2, due to higher investments and lower operational cash flow.

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

  • Operating expenses per barrel remained stable at $18.0.

  • Cost pool (unrecovered costs) rose to $40.2M from $33M in Q2.

Outlook and guidance

  • 2024 full-year production guidance narrowed to 7,800–8,000 bopd, reflecting stable and slightly increasing production trends.

  • Operating expenditure for 2024 expected at $18.0/bbl.

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

  • All planned investments are expected to be financed through existing cash, generated cash flow, and available debt facilities.

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

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Frequently asked questions

Tethys Oil AB is a Swedish listed oil and gas company focusing on the exploration and production of oil and natural gas properties. Tethys Oil primary focus is on owning, exploring, developing and producing projects mainly in northeast China, where it has access to some of the world's largest undeveloped shale gas resources. In addition to its producing assets, Tethys has an extensive portfolio of license areas in northeast China. Tethys Oil AB is based in Stockholm, Sweden.

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