GRAND CAYMAN, CAYMAN ISLANDS, May 13, 2011 (MARKETWIRE via COMTEX) —
Tethys Petroleum Limited (“Tethys” or the “Company” (TSX: TPL) today announced its first quarter 2011 financial results. The results are underlined by a 112% increase in revenues over the first quarter of last year.
The Company reports financial results in accordance with International Financial Reporting Standards (“IFRS”).
RECENT HIGHLIGHTS
-- With sales of US$4.48 million in the three months ended March 31, 2011 the Company achieved a 112% increase on the same period of 2010 where sales were US$2.12 million. -- The Company also recorded a reduced net loss of US$6.30 million in the three months ended March 31, 2011 compared to a net loss of US$8.00 million in the three months ended March 31, 2010. -- Capital expenditure, excluding the joint venture in Tajikistan, in the three months ended March 31, 2011 was US$10.85 million compared to US$4.44 million in the three months ended March 31, 2010. In Tajikistan capital expenditure in the three months to March 31, 2011 was US$3.00 million compared to US$2.28 million in the three months ended March 31, 2010.
Tethys is focused on oil and gas exploration and production activities in Central Asia with activities currently in the Republics of Tajikistan, Kazakhstan and Uzbekistan. 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, 2010 and other filings for a description of risks and uncertainties relevant to our business, including our exploration and production activities.
Tethys Petroleum Limited Consolidated Statement of Financial Position (Unaudited) (in US Dollars) As at March 31, December 31, 2011 2010 $'000 $'000 Non-current assets Property, plant and equipment 122,250 115,653 Intangible assets 18,738 16,892 Investments 1,017 1,015 Prepaids and other receivables 14,937 12,320 Loan receivable from jointly controlled entity 38,179 35,460 -------------- -------------- 195,121 181,340 -------------- -------------- Current assets Inventories 2,452 2,121 Trade and other receivables 3,230 3,680 Cash and cash equivalents 57,400 79,135 Derivative financial instruments - interest rate swap 1,274 1,472 -------------- -------------- 64,356 86,408 -------------- -------------- Total assets 259,477 267,748 -------------- -------------- -------------- -------------- Equity attributable to shareholders Share capital 26,063 26,063 Share premium 297,222 297,222 Other reserves 35,555 34,261 Accumulated deficit (124,318) (118,023) -------------- -------------- Total equity 234,522 239,523 -------------- -------------- Non-current liabilities Deferred gain on sale of assets to jointly controlled entity 3,699 3,699 Financial liabilities - borrowings 1,950 2,853 Deferred taxation 3,956 4,070 Trade and other payables 679 721 Asset retirement obligations 208 192 -------------- -------------- 10,492 11,535 -------------- -------------- Current liabilities Financial liabilities - borrowings 6,005 5,047 Derivative financial instruments - warrants 214 405 Deferred revenue 27 2,450 Trade and other payables 8,217 8,788 -------------- -------------- 14,463 16,690 -------------- -------------- -------------- -------------- Total liabilities 24,955 28,225 -------------- -------------- Total shareholders' equity and liabilities 259,477 267,748 -------------- -------------- -------------- -------------- Tethys Petroleum Limited Consolidated Statement of Comprehensive Loss (Unaudited) (in US Dollars) 2011 2010 $'000 $'000 Sales and other operating revenues 4,480 2,116 Finance income 32 3 ---------------------------- Total revenue and other income 4,512 2,119 Production expenditures (1,752) (974) Depreciation, depletion and amortization (2,612) (692) Listing expenses (6) (626) Administrative expenses (6,484) (4,775) Foreign exchange gains (net) 200 14 Fair value loss on derivative financial instrument (8) (2,501) Loss from jointly controlled entity (209) (150) Finance costs (39) (321) ---------------------------- Loss before taxation (6,398) (7,906) Taxation 103 (93) ---------------------------- Net loss and comprehensive loss for the period attributable to shareholders (6,295) (7,999) ---------------------------- ---------------------------- Loss per share attributable to shareholders ---------------------------- ---------------------------- Basic and diluted (0.02) (0.05) ---------------------------- ---------------------------- No dividends were paid or are declared for the period (2010 - $Nil). Tethys Petroleum Limited Consolidated Statement of Cash Flows (Unaudited) For the three months ended March 31 (in US dollars) 2011 2010 $'000 $'000 Cash flow from operating activities Loss before taxation for the period (6,398) (7,906) Adjustments for Share based payments 1,193 1,193 Net finance cost 7 309 Depreciation, depletion and amortization 2,612 692 Fair value loss on derivative financial instrument 8 2,501 Listing expenses - 351 Net unrealised foreign exchange loss 43 33 Loss from jointly controlled entity 209 150 Deferred revenue (2,422) (909) Net change in non-cash working capital (322) (1,786) ---------------------------- Net cash used in operating activities (5,070) (5,372) ---------------------------- Cash flow from investing activities Interest received 32 3 Expenditure on exploration and evaluation assets (1,866) (1,770) Expenditures on property, plant and equipment (8,986) (2,673) Investment in restricted cash (2) (28) Payments made on behalf of jointly controlled entity (2,878) (2,280) Movement in advances to construction contractors (1,827) (1,027) Value added tax receivable (905) (451) Net change in non-cash working capital (52) (10) ---------------------------- Net cash used in investing activities (16,484) (8,236) ---------------------------- Cash flow from financing activities Proceeds from issuance of long term borrowings - 1,840 Repayment of long-term borrowings (86) (347) Interest paid on long-term borrowings and other non-current payables (100) (193) Other non-current liabilities (76) (70) Proceeds from issuance of equity, net of issue costs - 54,022 ---------------------------- Net cash generated from financing activities (262) 55,252 ---------------------------- Effects of exchange rate changes on cash and cash equivalents 81 (14) Net increase / (decrease) in cash and cash equivalents (21,735) 41,630 Cash and cash equivalents at beginning of the period 79,135 7,297 ---------------------------- Cash and cash equivalents at end of the period 57,400 48,927 ---------------------------- ----------------------------
Contacts: Tethys Petroleum Limited Sabin Rossi Vice President Investor Relations +1 416 572 2065 +1 416 572 2201 (FAX) www.tethyspetroleum.com Mobile site: http://m.tethyspetroleum.com Tethys Petroleum Limited TD Canada Trust Tower 161 Bay Street, 27th Floor Toronto N5J 2S1, Canada info@tethyspetroleum.com In Asia-Pacific Quam IR Anita Wan, Associate Director + (852) 2217-2999 + (852) 2217-2999 (FAX) anita.wan@quamgroup.com
SOURCE: Tethys Petroleum Limited
http://www.tethyspetroleum.com http://m.tethyspetroleum.com mailto:info@tethyspetroleum.com mailto:anita.wan@quamgroup.com