GRAND CAYMAN, CAYMAN ISLANDS, Aug 15, 2011 (MARKETWIRE via COMTEX) —
Tethys Petroleum Limited (“Tethys” or the “Company”) (TSX: TPL)(LSE: TPL) today announced its second quarter results for the period ended June 30, 2011. The second quarter results together with a Management Discussion & 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 reports financial results in accordance with International Financial Reporting Standards (“IFRS”).
Highlights
-- Production revenues for the six months to June 30, 2011 from Kazakhstan and Uzbekistan sales totalled some US$8.657 million compared to US$8.146 million for the same period in 2010, representing a six per cent increase. -- Other operating revenue was US$5.706 million compared to nil in the same period of 2010. -- Net loss was US$8.991 million compared to US$11.321 million in the same period of 2010. -- Capital expenditure, excluding the joint venture in Tajikistan, in the six months ended June 30, 2011 was US$25.686 million compared to US$11.759 million in the six months ended June 30, 2010. -- The average oil and gas production per production day for the six months ended June 30, 2011 was 5,566 boe/d compared to 3,476 boe/d in the same period of 2010. -- Total assets at June 30, 2011 were US$261.144 million compared to US$184.082 million at June 30, 2010. -- Cash balance at June 30, 2011 was US$35.346 million compared to US$30.232 million at June 30, 2010.
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 10 AM Eastern Time on Tuesday, August 16, 2011. An operational update will be given first followed by a review of the financials. The North American conference call number is (800) 291-5365 and the outside North America conference call number is (617) 614-3922. The conference call code to use is 31811593. 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://phx.corporate-ir.net/phoenix.zhtml?p=irol-eventDetails&c=213714&eventID=4179930
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, 2010 for a description of risks and uncertainties relevant to our business, including our exploration activities.
Tethys Petroleum Limited Condensed Consolidated Statement of Financial Position (Unaudited) (in US Dollars) As at June 30, 2011 December 31, 2010 $'000 $'000 Non-current assets Property, plant and equipment 129,179 115,653 Intangible assets 23,458 16,892 Investments 1,057 1,015 Prepayments and other receivables 14,590 12,320 Loan receivable from jointly controlled entity 48,821 35,460 ----------------- ----------------- 217,105 181,340 ----------------- ----------------- Current assets Inventories 3,228 2,121 Trade and other receivables 3,974 3,680 Cash and cash equivalents 32,346 79,135 Restricted cash 3,509 - Derivative financial instruments - interest rate swap 982 1,472 ----------------- ----------------- 44,039 86,408 ----------------- ----------------- Total assets 261,144 267,748 ----------------- ----------------- ----------------- ----------------- Equity attributable to shareholders Share capital 26,063 26,063 Share premium 297,222 297,222 Other reserves 36,537 34,261 Accumulated deficit (127,014) (118,023) ----------------- ----------------- Total equity 232,808 239,523 ----------------- ----------------- Non-current liabilities Deferred gain on sale of assets to jointly controlled entity 3,699 3,699 Financial liabilities - borrowings - 2,853 Deferred taxation 3,880 4,070 Trade and other payables 636 721 Asset retirement obligations 219 192 ----------------- ----------------- 8,434 11,535 ----------------- ----------------- Current liabilities Financial liabilities - borrowings 7,999 5,047 Derivative financial instruments - warrants 44 405 Derivative financial instruments - forex hedge 194 - Deferred revenue 674 2,450 Trade and other payables 10,991 8,788 ----------------- ----------------- 19,902 16,690 ----------------- ----------------- ----------------- ----------------- Total liabilities 28,336 28,225 ----------------- ----------------- Total shareholders' equity and liabilities 261,144 267,748 ----------------- ----------------- ----------------- ----------------- Tethys Petroleum Limited Condensed Consolidated Statement of Comprehensive Income (Unaudited) (in US Dollars) For the 3 months ended For the 6 months ended June 30, June 30, 2010 June 30, June 30, 2010 2011 (re-presented) 2011 (re- presented) $'000 $'000 $'000 $'000 Sales and other revenues 4,177 6,030 8,657 8,146 Other operating income 5,706 - 5,706 - Finance income 764 22 796 25 -------------------------------------------------------- Total revenue and other income 10,647 6,052 15,159 8,171 Production expenses (1,773) (1,938) (3,525) (2,875) Depreciation, depletion and amortisation (3,215) (1,358) (5,827) (2,050) Exploration and evaluation expenditure written off - (53) - (90) Listing expenses (327) (573) (333) (1,200) Business development expenses (1,208) (53) (1,229) (92) Administrative expenses (5,391) (4,919) (10,661) (8,460) Share based payments (864) (1,659) (2,057) (2,853) Foreign exchange gain /(loss) - net 16 (167) 216 (152) Fair value gain (loss) on derivative financial instrument (315) 2,973 (323) 472 Loss from jointly controlled entity (302) (93) (511) (244) Finance costs (39) (101) (78) (421) -------------------------------------------------------- Loss before taxation (2,771) (1,889) (9,169) (9,794) Taxation 75 (1,433) 178 (1,527) -------------------------------------------------------- Net loss and comprehensive loss for the period attributable to shareholders (2,696) (3,322) (8,991) (11,321) -------------------------------------------------------- -------------------------------------------------------- Loss per share attributable to shareholders Basic and diluted (0.01) (0.02) (0.03) (0.06) Tethys Petroleum Limited Condensed Consolidated Statement of Cash Flows (Unaudited) For the three and six months ended June 30 (in US Dollars) For the 3 months For the 6 months ended ended June 30, June 30, June 30, June 30, 2011 2010 2011 2010 $'000 $'000 $'000 $'000 Cash flow from operating activities Loss before taxation for the period (2,771) (1,889) (9,169) (9,794) Adjustments for Share based payments 864 1,659 2,057 2,853 Net finance (income) / cost (723) 74 (716) 383 Depreciation, depletion and amortization 3,215 1,358 5,827 2,050 Loss on disposal of assets 136 - 136 - Payment of royalties - (78) - (78) Fair value gain (loss) on derivative financial instrument 315 (2,973) 323 (472) Listing expenses - - - 351 Net unrealised foreign exchange loss / (gain) 5 (32) 48 1 Loss from jointly controlled entity 302 93 511 244 Deferred revenue 646 (454) (1,776) (1,363) Other operating income (5,706) - (5,706) - Net change in non-cash working capital 1,091 (1,858) 769 (3,644) -------------------------------------------- Net cash used in operating activities (2,626) (4,100) (7,696) (9,469) -------------------------------------------- Cash flow from investing activities Interest received 44 22 76 25 Expenditure on exploration and evaluation assets (4,423) (5,305) (6,289) (7,076) Expenditures on property, plant and equipment (10,411) (1,603) (19,397) (4,276) Investment in restricted cash (3,549) 1 (3,551) (27) Payments made on behalf of jointly controlled entity (4,486) (4,889) (7,364) (7,169) Movement in advances to construction contractors 1,710 (2,173) (117) (3,200) Value added tax receivable (1,248) (873) (2,153 (1,324) Net change in non-cash working capital 406 742 354 732 -------------------------------------------- Net cash used in investing activities (21,957) (14,078) (38,441) (22,315) -------------------------------------------- Cash flow from financing activities Proceeds from issuance of long term borrowings - - - 1,840 Repayment of long-term borrowings (90) (358) (176) (705) Interest paid on long-term borrowings and other non- current payables (97) (182) (197) (375) Other non-current liabilities (75) (75) (151) (145) Proceeds from issuance of equity, net of issue costs - 112 - 54,134 -------------------------------------------- Net cash (used) / generated from financing activities (262) (503) (524) 54,749 -------------------------------------------- Effects of exchange rate changes on cash and cash equivalents (209) (14) (128) (30) Net (decrease) / increase in cash and cash equivalents (25,054) (18,695) (46,789) 22,935 Cash and cash equivalents at beginning of the period 57,400 48,927 79,135 7,297 -------------------------------------------- Cash and cash equivalents at end of the period 32,346 30,232 32,346 30,232 --------------------------------------------
For further information, please contact:
Tethys Petroleum Limited
Sabin Rossi
Vice President Investor Relations
Office: +1 416 572 2065
+1 416 572 2201 (FAX)
info@tethyspetroleum.com
Web: http://www.tethyspetroleum.com
Mobile site: m.tethyspetroleum.com
In Europe: Tethys Petroleum Limited
Veronica Zhuvaghena
Vice President Corporate Communications
Office: +44 1481 725911
+44 1481 725922 (FAX)
In Asia‐Pacific: Quam IR
Anita Wan
Associate Director
Office phone/fax: +852 2217 2999 SOURCE: Tethys Petroleum Limited
mailto:info@tethyspetroleum.com http://www.tethyspetroleum.com http://m.tethyspetroleum.com