Tethys Petroleum halved losses in “landmark” 2013

April 01. Proactive Investors UK

By Jamie Ashcroft

Tethys Petroleum halved losses in “landmark” 2013Tethys Petroleum (LON:TPL, TSE:TPL) chairman David Robson said in this morning’s full year results that 2013 was a landmark year.

It saw the strategically significant farm-out, of a 66% stake, in the Bokhtar project in Tajikistan to Total for £63mln and a ‘carry’ on future spending.

The company also continued to expand its production operations in Kazakhstan,  and agreed a US$75mln partnership deal with SinoHan Oil and Gas Investment in the country as well.

Revenues from oil and gas production rose 10% in the year to US$36.95mln, compared with US$33.6mln in 2012, and the group’s losses from continuing operations halved to US$10.54mln.

Meanwhile, there was a US$7.1mln loss, mainly write-offs, for the discontinued operations in Uzbekistan.

Capex increased by around 36% in 2013, to US$23.81mln. And as at December 31, Tethys had cash and cash equivalents of US$25.1mln.

“2013 was a landmark year for Tethys as it developed our strategic partnerships in all its areas of operations,”

“These partnerships have strengthened our projects in our focus areas financially, operationally and strategically.”

Robson added: “We are now in three countries and have, what we believe to be, the right partnerships for each of those countries.

“We believe it is a diversified portfolio that provides good oil and gas production to support the business with very exciting exploration upside that we will capitalise on in order to bring shareholder value in 2014 and beyond.”

Tethys Petroleum Limited’s strategy is to create shareholder value by building an oil and gas exploration and production company focused on Central Asia in areas with substantial oil and gas potential, building on the strengths of its management team and with a mix of short-term cash flow and upside potential. Currently Tethys has projects in Kazakhstan, Tajikistan and most recently Uzbekistan. Tethys is listed on the Toronto Stock Exchange in Canada and on the Kazakhstan Stock Exchange (KASE: GG_TPL_).