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Tethys Petroleum (TSXV: TPL) has released its Q3 2024 interim financial results. The company reported a 52% decrease in oil and gas sales to $5.4 million, compared to $11.1 million in the same period of 2023, primarily due to reduced oil production. The company recorded a net loss of $0.6 million, contrasting with a profit of $4.2 million in 2023. Operationally, production commenced at KBD-6 on November 19th and at KBD-2 on November 22nd, with KBD-07 scheduled to start production the following week.
Tethys Petroleum (TSXV: TPL) ha pubblicato i risultati finanziari interim del terzo trimestre 2024. L’azienda ha riportato una diminuzione del 52% nelle vendite di petrolio e gas, scendendo a 5,4 milioni di dollari, rispetto agli 11,1 milioni di dollari nello stesso periodo del 2023, principalmente a causa della riduzione della produzione di petrolio. L’azienda ha registrato una perdita netta di 0,6 milioni di dollari, rispetto a un profitto di 4,2 milioni di dollari nel 2023. Dal punto di vista operativo, la produzione è iniziata presso KBD-6 il 19 novembre e presso KBD-2 il 22 novembre, con KBD-07 che dovrebbe iniziare la produzione la settimana seguente.
Tethys Petroleum (TSXV: TPL) ha publicado sus resultados financieros intermedios del tercer trimestre de 2024. La compañía informó una disminución del 52% en las ventas de petróleo y gas a $5.4 millones, en comparación con $11.1 millones en el mismo período de 2023, principalmente debido a la reducción en la producción de petróleo. La empresa registró una pérdida neta de $0.6 millones, contrastando con una ganancia de $4.2 millones en 2023. Operativamente, la producción comenzó en KBD-6 el 19 de noviembre y en KBD-2 el 22 de noviembre, con KBD-07 programado para iniciar producción la semana siguiente.
Tethys Petroleum (TSXV: TPL)가 2024년 3분기 중간 재무 결과를 발표했습니다. 이 회사는 석유 및 가스 판매가 52% 감소하여 540만 달러를 기록했으며, 이는 2023년 같은 기간의 1110만 달러에 비해 줄어든 수치입니다. 주된 이유는 석유 생산 감소 때문입니다. 이 회사는 60만 달러의 순손실을 기록했으며, 2023년에는 420만 달러의 이익을 올렸습니다. 운영 측면에서 KBD-6에서의 생산은 11월 19일에 시작되었고 KBD-2에서의 생산은 11월 22일에 시작되었으며, KBD-07은 다음 주에 생산을 시작할 예정입니다.
Tethys Petroleum (TSXV: TPL) a publié ses résultats financiers intermédiaires pour le troisième trimestre 2024. La société a signalé une baisse de 52 % des ventes de pétrole et de gaz, atteignant 5,4 millions de dollars, contre 11,1 millions de dollars au cours de la même période en 2023, principalement en raison d’une réduction de la production de pétrole. La société a enregistré une perte nette de 0,6 million de dollars, contrastant avec un bénéfice de 4,2 millions de dollars en 2023. Sur le plan opérationnel, la production a commencé à KBD-6 le 19 novembre et à KBD-2 le 22 novembre, avec KBD-07 prévu pour débuter la production la semaine suivante.
Tethys Petroleum (TSXV: TPL) hat ihre vorläufigen Finanzzahlen für das dritte Quartal 2024 veröffentlicht. Das Unternehmen meldete einen Rückgang der Öl- und Gasverkäufe um 52% auf 5,4 Millionen US-Dollar, im Vergleich zu 11,1 Millionen US-Dollar im selben Zeitraum 2023, hauptsächlich aufgrund reduzierter Ölproduktion. Das Unternehmen verzeichnete einen Nettoverlust von 0,6 Millionen US-Dollar, im Gegensatz zu einem Gewinn von 4,2 Millionen US-Dollar im Jahr 2023. Operativ begann die Produktion bei KBD-6 am 19. November und bei KBD-2 am 22. November, wobei KBD-07 für die folgende Woche eingeplant ist.
Positive
- Production commenced at two wells (KBD-6 and KBD-2)
- Additional well (KBD-07) scheduled to start production
Negative
- 52% decrease in oil and gas sales from $11.1M to $5.4M
- Net loss of $0.6M compared to $4.2M profit in previous year
- Reduced oil production affecting revenue
Grand Cayman, Cayman Islands–(Newsfile Corp. – November 26, 2024) – Tethys Petroleum Limited (TSXV: TPL) (“Tethys” or the “Company“) today announced that it has filed its interim results for the three months ended September 30, 2024 with the Canadian securities regulatory authorities comprising its Audited Financial Statements together with Management’s Discussion and Analysis and other required forms. Copies of the filed documents may be obtained via SEDAR at www.sedarplus.ca or on Tethys’ website at www.tethys-group.com.
Financial highlights
Oil and gas sales decreased by 52% to $5.4 million in the three months of 2024 from $11.1 million in 2023 due primarily to the reduction of oil production. The net loss for the period was $0.6 million compared with a profit of $4.2 million in 2023.
Operations update
Production from the KBD-6 commenced on November 19th, and production from KBD-2 commenced on November 22. KBD-07 is scheduled to commence production next week.
About Tethys
Tethys is focused on oil and gas exploration and production activities in Central Asia and the Caspian Region. Tethys believes that significant potential exists in both exploration and in discovered deposits in the area.
Disclaimer
Some of the statements in this document are forward-looking. No part of this announcement constitutes, or shall be taken to constitute, an invitation or inducement to invest in the Company or any other entity and shareholders of the Company are cautioned not to place undue reliance on the forward-looking statements. Save as required by applicable law, the Company does not undertake to update or change any forward-looking statements to reflect events occurring after the date of this announcement.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/231463
FAQ
What was Tethys Petroleum’s (TETHF) revenue in Q3 2024?
Tethys Petroleum reported oil and gas sales of $5.4 million in Q3 2024, representing a 52% decrease from $11.1 million in Q3 2023.
How many new wells did Tethys Petroleum (TETHF) start production from in November 2024?
Tethys Petroleum started production from two wells in November 2024: KBD-6 on November 19th and KBD-2 on November 22nd.
What was Tethys Petroleum’s (TETHF) net income for Q3 2024?
Tethys Petroleum reported a net loss of $0.6 million for Q3 2024, compared to a profit of $4.2 million in Q3 2023.
