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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.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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