GEORGETOWN, GRAND CAYMAN, CAYMAN ISLANDS, Mar 31, 2010 (MARKETWIRE via COMTEX) –Tethys Petroleum Limited (“Tethys” or the “Company”) (TSX: TPL) today announced its Annual Results for the period ended December 31, 2009. The full Annual Results together with a Management Discussion & Analysis have been filed with the Canadian securities regulatory authorities. Tethys also announced that it has filed its Annual Information Form (“AIF”) which contains reserves data and other information about the Company for the period ended December 31, 2009, and the reports as mandated by National Instrument 51-101. 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.
In 2009 the Company prepared its first financial statements under International Financial Reporting Standards (“IFRS”) instead of US GAAP, resulting in a re-statement of 2008 comparatives.
Highlights
- The Company generated revenues from gas and oil sales of US$8.59 million in the year ended December 31, 2009 compared to US$5.36 million in the year ended December 31, 2008.
- The Company recorded a net loss of US$21.506 million in the year ended December 31, 2009 compared to a net loss of US$22.184 million in the year ended December 31, 2008.
- Capital expenditure in the year ended December 31, 2009 was US$32.221 compared to US$42.807 million in the year ended December 31, 2008.
- Operating costs in the year ended December 31, 2009 were US$3.405 million compared to US$1.334 million in the year ended December 31, 2008 reflecting the additional operating costs from the Uzbekistan acquisition.
- General and Administrative costs in the year ended December 31, 2009 were US$16.880 million compared to US$17.915 million in the year ended December 31, 2008.
These highlights along with other operational and 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 11:00 AM Eastern Time on Tuesday, April 6, 2010. The North American conference call number is (888) 231-8191 and the outside North America conference call number is (647) 427-7450. The conference call code to use is 66568342. 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:
www.newswire.ca/en/webcast/viewEvent.cgi?eventID=3015100
Tethys is focused on oil and gas exploration and production activities in Central Asia with activities currently in the Republics of Kazakhstan and Tajikistan. This highly prolific oil and gas area is rapidly developing and Tethys believes that significant potential exists in both exploration and in discovered deposits.
This press release contains “forward-looking information” which may include, but is not limited to, statements with respect to our operations. Such forward looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions. See our Annual Information Form for the year ended December 31, 2009 for a description of risks and uncertainties relevant to our business, including our exploration activities.
Tethys Petroleum Limited Consolidated Financial Statements December 31, 2009 (in thousands of US dollars) Tethys Petroleum Limited Consolidated Statement of Financial Position (in thousands of US dollars) As at December 31 As at January 1 2009 2008 2008 $ $ $ Non-current assets Property, plant and equipment 73,171 65,422 38,327 Intangible assets 24,378 16,105 7,335 Investments 659 587 318 Trade and other receivables 5,171 6,357 5,814 Loan receivable from jointly controlled entity 21,727 0 0 ---------------------------------------- 125,106 88,471 51,794 ---------------------------------------- Current assets Inventories 2,368 213 - Trade and other receivables 2,311 2,664 1,360 Cash and cash equivalents 7,297 22,200 26,692 ---------------------------------------- 11,976 25,077 28,052 ---------------------------------------- Total assets 137,082 113,548 79,846 ---------------------------------------- ---------------------------------------- Equity attributable to shareholders Share capital 13,455 6,639 4,511 Share premium 153,748 138,598 94,972 Other reserves 27,775 25,147 20,728 Accumulated deficit (88,374) (66,654) (44,470) ---------------------------------------- Total equity 106,604 103,730 75,741 ---------------------------------------- Non-current liabilities Deferred gain on sale of assets to jointly controlled entity 3,659 - - Financial liabilities - borrowings 9,324 5,096 - Shares to be issued 3,750 - - Deferred taxation 598 - - Trade and other payables 808 523 776 Asset retirement obligations 206 465 1,050 ---------------------------------------- 18,345 6,084 1,826 ---------------------------------------- Current liabilities Financial liabilities - borrowings 1,086 853 - Derivative financial instruments - warrants 1,053 146 - Derivative financial instruments - interest rate swap 95 - - Deferred revenue 3,113 - - Trade and other payables 6,786 2,735 2,279 ---------------------------------------- 12,133 3,734 2,279 ---------------------------------------- ---------------------------------------- Total liabilities 30,478 9,818 4,105 ---------------------------------------- Total shareholders' equity and liabilities 137,082 113,548 79,846 ---------------------------------------- ---------------------------------------- Tethys Petroleum Limited Consolidated Statement of Comprehensive Loss (in thousands of US dollars, except for per share amounts) Year ended December 31, 2009 2008 $ $ Sales and other operating revenues 8,559 5,360 Finance income 76 832 --------------------------- Total revenue and other income 8,635 6,192 Production expenditures (3,405) (1,334) Depreciation, depletion and amortization (3,238) (4,333) Exploration and evaluation expenditure written off (887) (2,292) Listing expenses (1,652) - Administrative expenses (16,880) (17,915) Foreign exchange gains (loss) net (2,397) (3,060) Fair value gain / (loss) on derivative financial instrument (479) 929 Loss from jointly controlled entity (1,000) - Finance costs (203) (371) --------------------------- Loss before taxation (21,506) (22,184) Taxation (214) - --------------------------- Net loss and comprehensive loss for the year attributable to shareholders (21,720) (22,184) --------------------------- --------------------------- Loss per share attributable to shareholders --------------------------- --------------------------- Basic and diluted (0.20) (0.40) --------------------------- --------------------------- No dividends were paid or are declared for the year (2008 - $Nil). Tethys Petroleum Limited Consolidated Statement of Cash Flow (in thousands of US dollars) Year ended December 31, 2009 2008 $ $ Cash flow from operating activities Loss before taxation (21,506) (22,184) Adjustments for Share based payments 2,628 4,419 Net finance cost (income) 127 (461) Unsuccessful exploration and evaluation expenditures 887 2,292 Depreciation, depletion and amortization 3,238 4,333 Fair value gain (loss) on derivative financial instrument 479 (929) Net unrealised foreign exchange loss 1,120 1,277 Loss from jointly controlled entity 1,000 - Deferred revenue 3,113 - Net change in non-cash working capital (1,160) (844) -------------------------- Net cash used in operating activities (10,074) (12,097) -------------------------- Cash flow from investing activities Interest received 76 832 Expenditure on exploration and evaluation assets (22,648) (6,519) Expenditures on property, plant and equipment (9,573) (36,288) Investment in restricted cash (72) (269) Acquisition of subsidiary, net of cash received 532 - Sale of subsidiaries, net of cash disposed (112) - Movement in advances to construction contractors 829 1,548 Value added tax receivable (670) (2,091) Net change in non-cash working capital 1,273 (217) -------------------------- Net cash used in investing activities (30,365) (43,004) -------------------------- Cash flow from financing activities Proceeds from issuance of short-term borrowings 2,500 - Repayment of short-term borrowings (2,500) - Proceeds from issuance of long-term borrowings 5,020 7,430 Repayment of long-term borrowings (856) (579) Interest paid on long-term borrowings and other non-current payables (152) (380) Other non-current liabilities (109) (253) Proceeds related to shares to be issued 3,750 - Proceeds from issuance of equity, net of issue costs 17,906 45,754 -------------------------- Net cash generated from financing activities 25,559 51,972 -------------------------- Effects of exchange rate changes on cash and cash equivalents (23) (1,363) Net decrease in cash and cash equivalents (14,903) (4,492) Cash and cash equivalents at beginning of the year 22,200 26,692 -------------------------- Cash and cash equivalents at end of the year 7,297 22,200 -------------------------- --------------------------
Contacts: Tethys Petroleum Limited Sabin Rossi Vice President Investor Relations Office: +1 416 572 2065 +1 416 572 2201 (FAX) info@tethyspetroleum.com www.tethyspetroleum.com In Kazakhstan PG Communications Ardak Akanov Managing Director +7 (727) 272 8867, +7 (727) 272 8237, +7 (727) 272 7745 development@pressclub.kz In Asia-Pacific Quam IR Anita Wan Associate Director + (852) 2217-2999 anita.wan@quamgroup.com
SOURCE: Tethys Petroleum Limited
mailto:info@tethyspetroleum.com http://www.tethyspetroleum.com mailto:development@pressclub.kz mailto:anita.wan@quamgroup.com