Tethys Petroleum Limited Press Release: 2015 Annual Results
(firmenpresse) - GRAND CAYMAN, CAYMAN ISLANDS -- (Marketwired) -- 03/29/16 -- Tethys Petroleum Limited (TSX: TPL)(LSE: TPL) today announced its Annual Results for the year ended December 31, 2015.
Corporate Highlights - 2015
Corporate Highlights - Q1 2016
Financial Highlights - 2015
Reserve Highlights
The reserve report was prepared by Gustavson Associates in full accordance with the requirements of National Instrument 51-101, Standards of Disclosure for Oil and Gas Activities of the Canadian Securities Administrators. The Company''s 2015 Annual Information Form dated March 29, 2016 includes more detailed disclosure and reports relating to petroleum and natural gas activities for 2015. Both oil and gas reserves are based on availability of sufficient funding to allow development of the known accumulations. The estimated value (NPV10) of the reserves does not represent fair market value.
Chairman''s Message
John Bell, co-Chairman, said: "2015 saw unprecedented challenges in the oil and gas industry worldwide. Kazakhstan saw its own unique challenges with declining prices and a massive depreciation in the Kazakh Tenge starting the year at 180 Tenge to the USD and ending up around 350 Tenge to the USD. This put pressure on revenues and a severe strain on the Kazakh banking industry. Despite this the Company adjusted to the new paradigm and in 2015 we have halved the Company''s G&A and Business Development expenses, whilst increasing gas production by 98% at a higher gas price. These costs are forecast to reduce further to $6 million on an annualised basis. Furthermore, we secured a new in-country strategic partner in Olisol Petroleum Limited and progressed on reaching a binding agreement which will lead to a recapitalisation of the business, ensure the Company''s continued operations and will see Olisol becoming a major shareholder. I believe we are now better placed to realise value from the assets and have the right in-country partner to achieve success in Kazakhstan."
The full Annual Results together with Management''s Discussion and Analysis and Annual Information Form have been filed with the Canadian securities regulatory authorities. Copies of the filed documents may be obtained via SEDAR at or on Tethys'' website at . The summary financial statements are attached to this press release.
The Company''s 2015 financial statements are prepared under International Financial Reporting Standards (IFRS).
Tethys is focused on oil and gas exploration and production activities in Central Asia and the Caspian Region. This highly prolific oil and gas area is rapidly developing and Tethys believes that significant potential exists in both exploration and in discovered deposits.
Cautionary Statements
This press release contains "forward-looking information" which may include, but is not limited to, statements with respect to our operations and completion of the Olisol deal. Such forward-looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions, including the risk that the private placement with Olisol will be delayed or not finalised. See our Annual Information Form for the year ended December 31, 2015 for a description of risks and uncertainties relevant to our business, including our exploration activities.
A barrel of oil equivalent ("boe") conversion ratio of 6,000 cubic feet (169.9 cubic metres) of natural gas = 1 barrel of oil has been used and is based on the standard energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
About Tethys Petroleum
Tethys Petroleum''s aim is to become the leading independent E&P Company in Central Asia, by exercising capital discipline, by generating cash flow from existing discoveries and by maturing large exploration prospects within our highly attractive frontier acreage.
Contacts:
Tethys Petroleum
CAMARCO (Financial PR)
Billy Clegg / Georgia Mann
+44 (0) 203 757 4983
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Datum: 29.03.2016 - 15:19 Uhr
Sprache: Deutsch
News-ID 1424670
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