Tethys Petroleum Press Release: 2016 Annual Results
(firmenpresse) - GRAND CAYMAN, CAYMAN ISLANDS -- (Marketwired) -- 04/03/17 -- Tethys Petroleum Limited (TSX: TPL)(LSE: TPL) today announced its Annual Results for the year ended December 31, 2016.
Corporate Highlights - 2016
Corporate Highlights - Q1 2017
Financial Highlights - 2016
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 2016 Annual Information Form dated March 31, 2017 includes more detailed disclosure and reports relating to petroleum and natural gas activities for 2016. 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.
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.
Outlook
The Company''s objective is to become a leading oil and gas exploration and production 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. The Company produces both oil and natural gas in order to balance its product portfolio and currently operates in three separate jurisdictions in Central Asia and the Caspian Region, though the Board is considering farming down or selling the Tajikistan and Georgian assets to focus on the assets in Kazakhstan. The Company was served with a withdrawal notice from its partners in Tajikistan during 2015 although is contesting this in arbitration proceedings.
The Company''s long-term ambition is to achieve a significant role in the production and delivery of hydrocarbons from the Central Asian region to local and global markets, especially to the Chinese market. In common with many oil and gas companies, in implementing its strategies, the Company regularly considers farm-out/farm-in and joint venture opportunities and new projects which provide synergy with the Company''s activities. Meanwhile, the specific focus of management in the short term is to:
Full Annual Results and other documents
The full Annual Results together with Management''s Discussion and Analysis and Annual Information Form will be 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 2016 Consolidated Financial Statements are prepared under International Financial Reporting Standards ("IFRS").
We draw attention to the section entitled "Going concern" in note 1 to the Consolidated Financial Statements which describes the material uncertainties relating to the Company''s adoption of the going concern basis in preparing the Financial Statements for the year ended December 31, 2016 that may cast significant doubt about Tethys Petroleum Limited''s ability to continue as a going concern.
About Tethys
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.
Disclaimer
Some of the statements in this document are forward-looking. Forward-looking statements include statements regarding the intent, belief and current expectations of the Company or its officers with respect to the potential that exists in both exploration and in discovered deposits in Central Asia and the Caspian Region, the savings to be achieved under the cost optimisation programme, the outcome of the appeal regarding allegations made against employees of Tethys Aral Gas LLP, the Company''s plans to relocate its main administrative office in Kazakhstan from Almaty to Aktobe City, the outcome of legal action against Olisol, EGG and certain of their respective principals, the Company''s plans to cancel its listing in the United Kingdom and combine its United Kingdom share register with its Canadian register, the cost, timing and success of the proposed shallow gas drilling programme in adding 12 new wells to production, the timing of installation and success of the mini compressor in enhancing gas production, the availability of sufficient funding to allow development of the known accumulations described above under "Reserve Highlights" and the Company''s objectives, ambitions and short-term focus areas described above under "Outlook". When used in this document, the words "expects," "believes," "anticipates," "plans," "may," "will," "should" and similar expressions, and the negatives thereof, are intended to identify forward-looking statements. Such statements are not promises or guarantees, and are subject to risks and uncertainties that could cause actual outcomes to differ materially from those suggested by any such statements including risks and uncertainties with respect to the potential that exists in both exploration and in discovered deposits in Central Asia and the Caspian Region, the savings to be achieved under the cost optimisation programme, the outcome of the appeal regarding allegations made against employees of Tethys Aral Gas LLP, the Company''s plans to relocate its main administrative office in Kazakhstan from Almaty to Aktobe City, the outcome of legal action against Olisol, EGG and certain of their respective principals, the Company''s plans to cancel its listing in the United Kingdom and combine its United Kingdom share register with its Canadian register, the cost, timing and success of the proposed shallow gas drilling programme in adding 12 new wells to production, the timing of installation and success of the mini compressor in enhancing gas production, the availability of sufficient funding to allow development of the known accumulations described above under "Reserve Highlights" and the Company''s objectives, ambitions and short-term focus areas described above under "Outlook".
No part of this announcement constitutes, or shall be taken to constitute, an invitation or inducement to invest in the Company or any other entity, and shareholders of the Company are cautioned not to place undue reliance on the forward-looking statements. Save as required by the Listing Rules and applicable law, the Company does not undertake to update or change any forward-looking statements to reflect events occurring after the date of this announcement.
See our Annual Information Form for the year ended December 31, 2016 for a description of risks and uncertainties relevant to our business, including our exploration activities.
Contacts:
Tethys Petroleum
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 03.04.2017 - 00:00 Uhr
Sprache: Deutsch
News-ID 1496185
Anzahl Zeichen: 3103
contact information:
Contact person:
Town:
GRAND CAYMAN, CAYMAN ISLANDS
Phone:
Kategorie:
Oil & Gas
Typ of Press Release:
type of sending:
Date of sending:
Anmerkungen:
Diese Pressemitteilung wurde bisher 270 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Tethys Petroleum Press Release: 2016 Annual Results
"
steht unter der journalistisch-redaktionellen Verantwortung von
Tethys Petroleum Limited (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
