Tethys Tethys Petroleum Limited: First Quarter 2014 Financial Results
May 16 2014 - 2:00AM
UK Regulatory
TIDMTPL
Tethys Petroleum Limited: First Quarter 2014 Financial Results
FOR: TETHYS PETROLEUM LIMITED
TSX, LSE SYMBOL: TPL
May 15, 2014
Tethys Petroleum Limited: First Quarter 2014 Financial Results
GRAND CAYMAN, CAYMAN ISLANDS--(Marketwired - May 15, 2014) - Tethys Petroleum Limited ("Tethys" or the
"Company") (TSX:TPL) (LSE:TPL) today announced its First Quarter 2014 Financial Results.
Corporate Highlights
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=- Drilling of a further 3 successful shallow gas exploration wells: AKK17,
AKK18 and AKK19. These wells have a predicted test capacity of over 20
million cubic feet (570,000 cubic metres) of gas per day based on nearby
similar well results. Further shallow well drilling is planned as well
as tie in of these and other wells to increase production of natural gas
=- Independent report commissioned on the "Klymene" prospect in Kazakhstan
estimated Unrisked Mean Recoverable Oil Resources at over 400 million
barrels. The Klymene exploration well is planned for later this year
following successful completion of the recently announced SinoHan
acquistion
=- Completion of the acquisition of a 56% interest in Blocks XIA, XIM and
XIN, in eastern Georgia; areas which the Company believes have good
potential for both unconventional and conventional oil, with independent
estimates giving some 1.8 billion barrels oil equivalent of Unrisked
Mean Recoverable Resources to Tethys' interest
=- Selection of seismic contractor for the next phase of the geophysical
acquisition on the Bokhtar PSC in Tajikistan by the joint
Tethys/TOTAL/CNPC joint operating company BOC
=- Successful capital raise of USD15 million completed in May, 2014
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Financial Highlights
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=- Loss for the period from continuing operations reduced 6% year-on-year
to USD 4.4 million (Q1 2013: USD4.7 million)
=- Basic & diluted loss per share of USD0.01 cent from continuing
operations (Q1 2013: USD0.02 cents)
=- Capital Expenditure of USD7.3 million (Q1 2013: USD1.3 million)
=- Cash and cash equivalents at the end of Q1 2014 of USD13.7 million (Q1
2013: USD1.4 million)
=- Oil and gas revenue from continuing operations of USD6.8 million - a
decrease of 35% on the comparative period (Q1 2013: USD10.5 million)
primarily due to trucking issues related to weather and issues with
downhole pumps (now largely resolved)
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The full Quarterly Results together with Management's Discussion and Analysis have been filed with the Canadian
securities regulatory authorities. Copies of the filed documents may be obtained via SEDAR at www.sedar.com or
on Tethys' website at www.tethyspetroleum.com. The summary financial statements are attached to this press
release.
The Company's First Quarter 2014 financial statements are prepared under International Financial Reporting
Standards ("IFRS").
The above highlights along with other financial details will be further discussed in a scheduled conference
call. Details of the conference call can be found below:
Conference Call:
A conference call will be held at 9:00AM EDT (2:00PM BST) on Friday, May 16, 2014. The North American
conference call number is 800-299-8538 and the outside North America conference call number is +1-617-786-2902.
The conference call code to use is 55303387. Please call in about 10 minutes before the starting time in order
to be patched into the call.
Webcast:
The call is being webcast and can be accessed at:
http://www.media-server.com/m/acs/3dc574fb9ff21e9ee30eaa5e61b134aa
Tethys is focused on oil and gas exploration and production activities in Central Asia and the Caspian Region.
This highly prolific oil and gas area is rapidly developing and Tethys believes that significant potential
exists in both exploration and in discovered deposits.
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Tethys Petroluem Limited
Condensed Consolidated Statement of Financial Position (unaudited)
(in thousands of US dollars)
As at
-----------------------------
March 31, December 31,
2014 2013
Non-current assets
Deferred tax 317 322
Intangible assets 42,457 31,074
Property, plant and equipment 15,088 15,291
Restricted cash 666 660
Investment in joint arrangements 4 4
58,532 47,351
Current assets
Trade and other receivables 1,369 1,358
Advances - 4,000
Cash and cash equivalents 13,698 25,109
Restricted cash 489 475
Assets of a disposal group classified as held
for sale 158,793 156,325
174,349 187,267
Total assets 232,881 234,618
Equity
Share capital 29,956 28,756
Share premium 311,797 307,295
Other reserves 42,740 42,621
Accumulated deficit (187,382) (182,533)
Non-controlling interest 6,402 6,454
Total equity 203,513 202,593
Non-current liabilities
Financial liabilities - borrowings 5,744 -
5,744 -
Current liabilities
Financial liabilities - borrowings 971 4,965
Derivative financial instruments - warrants 36 17
Current taxation 7 144
Trade and other payables 3,609 4,946
Provisions 377 520
Liabilities of a disposal group classified as
held for sale 18,624 21,433
23,624 32,025
Total liabilities 29,368 32,025
Total equity and liabilities 232,881 234,618
Tethys Petroleum Limited
Condensed Consolidated Statement of Comprehensive Income (unaudited)
(in thousands of US dollars)
Three months ended March 31,
-------------------------------
2013
2014 Restated
Sales and other revenues 6,781 10,474
Sales expenses (744) (644)
Production expenses (3,798) (3,360)
Depreciation, depletion and amortization (151) (4,383)
Business development expenses (740) (368)
Administrative expenses (5,126) (4,490)
Transaction costs of assets held for sale (15) -
Share based payments (119) (331)
Foreign exchange gain/(loss) - net 7 131
Fair value loss on derivative financial
instrument - net (19) (430)
(Loss)/profit from jointly controlled entity (1,203) 257
Finance costs - net (603) (685)
Loss before taxation from continuing
operations (5,730) (3,829)
Taxation 1,321 (854)
Loss for the period from continuing
operations (4,409) (4,683)
(Loss)/profit for the period from
discontinued operations net of tax (492) 356
Loss and total comprehensive income for the
period (4,901) (4,327)
Loss and total comprehensive income
attributable to:Shareholders (4,849) (4,229)
Non-controlling interest (52) (98)
Loss and total comprehensive income for the
year (4,901) (4,327)
Loss per share attributable to shareholders:
Basic and diluted - from continuing
operations (0.01) (0.02)
Basic and diluted - from discontinued
operations - -
Tethys Petroleum Limited
Condensed Consolidated Statement of Cash Flows (unaudited)
(tabular amounts in thousands of US dollars)
Three months ended March 31,
-------------------------------
2014 2013
Cash flow from operating activities
Loss before taxation from continuing
operations (5,730) (3,829)
(Loss)/profit before tax from discontinued
operations (492) 469
Adjustments for
Share based payments 119 331
Net finance cost 603 682
Depreciation, depletion and amortization 151 4,979
Fair value gain on derivative financial
instruments 19 430
Net unrealised foreign exchange (gain)/loss 11 (48)
(Loss)/profit from jointly controlled
entity 1,203 (257)
Movement in deferred revenue - (1,614)
Movement in provisions (142) -
Net change in working capital 91 1,419
Cash (used in)/generated from operating
activities (4,167) 2,562
Corporation tax paid (138) -
Net cash (used in)/generated from operating
activities (4,305) 2,562
Cash flow from investing activities
Interest received 50 50
Expenditure on exploration and evaluation
assets (3,217) (234)
Expenditures on property, plant and
equipment (4,049) (1,030)
Movement in restricted cash - (18)
Movement in advances to construction
contractors 953 42
Movement in value added tax receivable (269) 884
Net change in working capital 258 (945)
Net cash used in investing activities (6,274) (1,251)
Cash flow from financing activities
Proceeds from issuance of borrowings, net of
issue costs 6,707 737
Repayment of borrowings (6,030) (1,862)
Interest paid on borrowings (484) (561)
Proceeds from issuance of equity - 48
Share issue costs (48) -
Movement in other non-current liabilities (71) (71)
Net cash generated from/(used in) financing
activities 74 (1,709)
Effects of exchange rate changes on cash and
cash equivalents 99 6
Net decrease in cash and cash equivalents (10,406) (392)
Cash and cash equivalents at beginning of
the period 25,731 1,750
Cash and cash equivalents at end of the
period 15,325 1,358
Cash and cash equivalents at end of the
period comprises:
Cash in assets of a disposal group held for
sale 1,627 -
Cash and cash equivalents 13,698 1,358
15,325 1,358
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FOR FURTHER INFORMATION PLEASE CONTACT:
Tethys Petroleum Limited
Sabin Rossi
Vice President Investor Relations
srossi@tethyspetroleum.com
OR
Media / IR Enquiries
London
FTI Consulting
Ben Brewerton/Adam Cubbage/James Styles
+44 203 727 1000
OR
Asia Pacific
Quam IR
Anita Wan
+852 2217 2999
OR
Tethys Petroleum Limited
info@tethyspetroleum.com
http://www.tethyspetroleum.com
https://twitter.com/tethyspetroleum
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