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Production, Sales and Entitlement update first quarter 2023

Tethys Oil’s share of production from Blocks 3&4 during the first quarter 2023, before government take, amounted to 847,002 barrels of oil, corresponding to 9,411 barrels of oil per day. The net entitlement, Tethys Oil’s share of production after government take, amounted to 440,441 barrels of oil, corresponding to 52 percent of the total production. A total of 471,550 barrels of oil were sold in the quarter with an achieved oil price of USD 81.7 per barrel.


Production
(bbl)*		Net entitlement barrels (bbl)**Oil sales
(bbl)		Achieved oil price
(USD/bbl)
Q1 2023847,002440,441471,55081.7
Q4 2022868,589467,564424,44493.3
Q3 2022900,491378,742420,474107.3
Q2 2022916,226385,005261,072100.1
Q1 2022942,768433,052479,54480.4
Full year 20223,628,0741,664,3631,585,53494.2
Full year 20214,064,8031,800,1401,808,85762.8

* Before government take
** After government take

Net entitlement is the share of production available for sale by Tethys Oil and is calculated monthly in accordance with the terms of the Exploration and Production Sharing Agreement (EPSA) for Blocks 3&4. The net entitlement will vary depending upon the level of production, oil price and recoverable costs incurred during the period. For further explanation of the calculation of net entitlement, see Tethys Oil’s annual report for 2022.

The oil sales of 471,550 barrels in the first quarter 2023 reflects the January, February and March lifting nominations. Consequently, the first quarter 2023 Achieved oil price reflects the Official Selling Price (“OSP”) of January to March 2023, Average Official Selling Price in that same period was USD 81.6.

Tethys Oil’s interim report for the first quarter 2023 will be published on 9 May 2023 at approximately 7:30 CEST.

For further information, please contact

Magnus Nordin, Managing Director, phone +46 8 505 947 00
Petter Hjertstedt, CFO, phone +46 8 505 947 00
ir@tethysoil.com

Tethys Oil AB (publ)

Tethys Oil is an oil exploration and production company with focus on onshore areas with known oil discoveries. The company’s core area is the Sultanate of Oman, where it holds interests in Blocks 3&4, Block 49, Block 56 and Block 58. Tethys Oil has net working interest 2P reserves of 23.9 mmbo and net working interest 2C Contingent Resources of 14.6 mmbo and had an average oil production of 9,940 barrels per day during 2022. The company’s shares are listed on Nasdaq Stockholm (TETY). Website: www.tethysoil.com

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Production, Sales and Entitlement update first quarter 2023

Datum 2023-04-26, kl 15:00
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Production, Sales and Entitlement update first quarter 2023
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