Central Asia focused oil firm Tethys Petroleum (LON:TPL, TSE:TPL) today revealed that it more than doubled revenues to US$30.3 million in 2011.
comes as the firm continues to appraise and develop the Doris oil
discovery in Kazakhstan and the imminent start of operation at the newly
completed Aral oil terminal will allow Tethys to significantly increase
oil sales further.
During 2011, Tethys produced on average 5,730
barrels of oil equivalent per day and in the later part of the year, as
production continued to increase, it was producing 6,584 barrels a day.
much of the focus has been on exploration and appraisal work in both
Kazakhstan and Tajikistan. And it is in the process of acquiring new
projects in Uzbekistan.
"In 2011 we made significant progress on the key projects in Tethys,” said chief executive Dr David Robson.
Kazakhstan we drilled successful appraisal wells and made a new
exploration discovery both significantly increasing our core reserves.
modeling work we have now completed based on these drilling results
bodes well for the new appraisal/exploration wells we will drill in 2012
where success would see further reserves upgrades.
He adds: “In
Tajikistan we advanced the deep sub-salt exploration program with the
completion of the graviometry survey, the results of which are very
exciting and confirm our previous geological evaluation, indicating the
possible presence of giant Jurassic reefs below the salt.
forward in 2012 the new final seismic survey will focus on the most
prospective areas with the intention of firming up a location to spud a
For the twelve months ended December 31 2011 Tethys
reported revenues of US$30.3 million. Capital expenditure for the year
was US$41.9 million and operating costs totalled US$10.78 million.
the improved revenue performance help Tethys cut net losses slightly to
US$26.99 million from US$29.65 million last year.
Tethys ended the year with US$11.63 million in cash.