Tethys Petroleum unveils first annual cash profit

Tethys Petroleum said on Tuesday it achieved its first annual cash profit as oil and gas revenue grew 66 per cent in 2012.

The company reported oil and gas sales of $38.1m for the year to December 31st, 2012, up from $22.9m a year earlier.

Cash profit (as defined as revenue minus production costs, administrative costs, listing expenses, business development expenses and foreign exchange) came to $3.42m, compared to a loss of $3.93m in 2011 on the back of a strong fourth quarter of oil and gas production and sales.

An increase in oil and gas revenues from $6.49m in the first quarter to $11.43m in the fourth quarter helped boost results.

The fourth quarter produced a cash profit of $2.34m, up from a cash loss of $1.65m in the first quarter.

Oil production increased by 57% year-on-year to 3,371 barrels of oil per day.

Production was bolstered by robust operational performance in Kazakhstan, Tajikistan and Uzbekistan.

Loss before tax was cut by 23% to $20.9m from $26.98m.

No dividends were paid or declared for the year. Shares fell 2.39% to 51p at 09:56 Tuesday.

RD