Tethys Petroleum doubles revenues as Doris development continues

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.

This 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.

Operationally 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.

“In Kazakhstan we drilled successful appraisal wells and made a new exploration discovery both significantly increasing our core reserves.

“The 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.

“Looking 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 deep well."

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.

Overall 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.