Tethys Petroleum Limited: First Quarter 2013 Financial Results
Revenues Increased by 94%
Press Release: EARNINGS – Wed, May 15, 2013 5:42 PM EDT
finance.yahoo.com
GRAND CAYMAN, CAYMAN ISLANDS--(Marketwired - May 15, 2013) - Tethys Petroleum Limited ( TPL.TO)( TPL.L) today announced its first quarter 2013 financial results. The results are highlighted by a 94% increase in revenues over the first quarter of last year.
The Company reports financial results in accordance with International Financial Reporting Standards ("IFRS").
RECENT HIGHLIGHTS
Q1 2013 oil and gas sales of USD12.6 million (Q1 2012: USD6.5 million)
Production and Reserves Highlights
Oil production (before the deduction of local governments share or taxation) increased from 1,785 bopd (Q1 2012) to 3,795 bopd (Q1 2013), an increase of 112%. Similarly, boepd production has increased from 5,117 boepd (Q1 2012) to 6,366 boepd (Q1 2013) an increase of 24%.
The full Q1 Results together with a Management Discussion & Analysis have been filed with the Canadian securities regulatory authorities. Copies of the filed documents may be obtained via SEDAR at www.sedar.com or on Tethys' website at www.tethyspetroleum.com. The summary financial statements are attached to this press release.
The above highlights along with other operational and financial details will be further discussed in a scheduled conference call. Details of the conference call can be found below:
Conference Call:
A conference call will be held at 8:00 AM Eastern Standard Time 1:00 PM British Summer Time on Thursday, May 16, 2013. The North American conference call number is 866-515-2910 and the outside North America conference call number is +1 617-399-5124. The conference call code to use is 20157467. Please call in about 10 minutes before the starting time in order to be patched into the call.
Webcast:
The call is being webcast and can be accessed at:
media-server.com
Tethys is focused on oil and gas exploration and production activities in Central Asia with activities currently in the Republics of Kazakhstan, Tajikistan and Uzbekistan. This highly prolific oil and gas area is rapidly developing and Tethys believes that significant potential exists in both exploration and in discovered deposits.
This press release contains "forward-looking information" which may include, but is not limited to, statements with respect to our operations. Such forward-looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions. See our Annual Information Form for the year ended December 31, 2012 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.
| | | Tethys Petroleum Limited | | Condensed Consolidated Statement of Financial Position | | (Unaudited) | | (in US Dollars) |
|
|
|
|
|
| As at |
|
|
| March 31, 2013 |
|
| December 31, 2012 |
|
|
| $'000 |
|
| $'000 |
| | Non-current assets |
|
|
|
|
|
| | Property, plant and equipment |
| 117,570 |
|
| 121,097 |
| | Intangible assets |
| 107,587 |
|
| 107,374 |
| | Restricted cash |
| 1,561 |
|
| 1,543 |
| | Prepayments and other receivables |
| 5,518 |
|
| 6,444 |
| | Investment in jointly controlled entity |
| 1,116 |
|
| 1,116 |
|
|
| 233,352 |
|
| 237,574 |
| | Current assets |
|
|
|
|
|
| | Inventories |
| 1,233 |
|
| 2,046 |
| | Trade and other receivables |
| 7,766 |
|
| 7,703 |
| | Loan receivable from jointly controlled entity |
| 2,710 |
|
| 2,403 |
| | Cash and cash equivalents |
| 1,358 |
|
| 1,750 |
| | Restricted cash |
| 477 |
|
| 477 |
|
|
| 13,544 |
|
| 14,379 |
|
|
|
|
|
|
|
| | Total assets |
| 246,896 |
|
| 251,953 |
|
|
|
|
|
|
|
| | Equity attributable to shareholders |
|
|
|
|
|
| | Share capital |
| 28,678 |
|
| 28,671 |
| | Share premium |
| 306,770 |
|
| 306,725 |
| | Other reserves |
| 42,066 |
|
| 41,705 |
| | Accumulated deficit |
| (169,614 | ) |
| (165,385 | ) | | Non-controlling interest |
| 8,339 |
|
| 8,437 |
| | Total equity |
| 216,239 |
|
| 220,153 |
|
|
|
|
|
|
|
| | Non-current liabilities |
|
|
|
|
|
| | Financial liabilities - borrowings |
| 5,359 |
|
| 3,688 |
| | Deferred taxation |
| 3,643 |
|
| 2,912 |
| | Trade and other payables |
| 298 |
|
| 351 |
| | Asset retirement obligations |
| 583 |
|
| 524 |
|
|
| 9,883 |
|
| 7,475 |
| | Current liabilities |
|
|
|
|
|
| | Financial liabilities - borrowings |
| 10,526 |
|
| 13,625 |
| | Derivative financial instruments - warrants |
| 1,405 |
|
| 523 |
| | Deferred revenue |
| 99 |
|
| 1,713 |
| | Trade and other payables |
| 8,275 |
|
| 8,231 |
| | Current tax |
| 469 |
|
| 233 |
|
|
| 20,774 |
|
| 24,325 |
|
|
|
|
|
|
|
| | Total liabilities |
| 30,657 |
|
| 31,800 |
|
|
|
|
|
|
|
| | Total shareholders' equity and liabilities |
| 246,896 |
|
| 251,953 |
|
|
|
|
|
|
|
| | | | | | Tethys Petroleum Limited | | Condensed Consolidated Statement of Comprehensive Income | | (Unaudited) | | For the three months ended March 31, 2013 | | (in US Dollars) |
|
|
|
|
|
| 2013 |
|
| 2012 |
|
|
| $'000 |
|
| $'000 |
|
| (re-presented) |
|
|
|
|
|
|
| | Sales and other revenues |
| 12,553 |
|
| 6,487 |
| | Total revenue and other income |
| 12,553 |
|
| 6,487 |
|
|
|
|
|
|
|
| | Sales expenses |
| (645 | ) |
| - |
| | Production expenses |
| (4,062 | ) |
| (2,910 | ) | | Depreciation, depletion and amortisation |
| (4,979 | ) |
| (3,036 | ) | | Business development expenses |
| (502 | ) |
| (373 | ) | | Administrative expenses |
| (4,670 | ) |
| (4,797 | ) | | Share based payments |
| (331 | ) |
| (603 | ) | | Foreign exchange gain / (loss) - net |
| 131 |
|
| (64 | ) | | Fair value loss on derivative financial instrument |
| (430 | ) |
| (896 | ) | | Profit/ (loss) from jointly controlled entity |
| 257 |
|
| (62 | ) | | Net finance costs |
| (682 | ) |
| (454 | ) |
|
|
|
|
|
|
| | Loss before taxation |
| (3,360 | ) |
| (6,708 | ) |
|
|
|
|
|
|
| | Taxation |
| (967 | ) |
| (140 | ) |
|
|
|
|
|
|
| | Loss for the period |
| (4,327 | ) |
| (6,848 | ) |
|
|
|
|
|
|
| | Loss attributable to: |
|
|
|
|
|
| | Shareholders |
| (4,229 | ) |
| (6,748 | ) | | Non-controlling interest |
| (98 | ) |
| (100 | ) | | Loss for the period |
| (4,327 | ) |
| (6,848 | ) |
|
|
|
|
|
|
| | Basic and diluted |
| (0.01 | ) |
| (0.02 | ) | | | | | | Tethys Petroleum Limited | | Condensed Consolidated Statement of Cash Flows | | (Unaudited) | | For the three months ended March 31, 2013 | | (in US dollars) |
|
|
|
|
|
| 2013 |
| 2012 |
|
|
| $'000 |
| $'000 |
| | Cash flow from operating activities |
|
|
|
|
| | Loss before taxation for the period |
| (3,360 | ) | (6,708 | ) | | Adjustments for |
|
|
|
|
|
| Share based payments |
| 331 |
| 603 |
|
| Net finance cost |
| 682 |
| 454 |
|
| Depreciation, depletion and amortization |
| 4,979 |
| 3,036 |
|
| Fair value loss on derivative financial instrument |
| 430 |
| 896 |
|
| Net unrealised foreign exchange (gain) / loss |
| (48 | ) | 35 |
|
| Profit / (loss) from jointly controlled entity |
| (257 | ) | 62 |
|
| Deferred revenue |
| (1,614 | ) | (509 | ) |
| Net change in non-cash working capital |
| 1,419 |
| (1,562 | ) | | Net cash generated / (used) in operating activities |
| 2,562 |
| (3,693 | ) |
|
|
|
|
|
| | Cash flow from investing activities |
|
|
|
|
| | Interest received |
| 50 |
| 88 |
| | Expenditure on exploration and evaluation assets |
| (234 | ) | (995 | ) | | Expenditures on property, plant and equipment |
| (1,030 | ) | (214 | ) | | Investment in restricted cash |
| (18 | ) | 261 |
| | Investment in jointly controlled entity |
| - |
| (3 | ) | | Movement in advances to construction contractors |
| 42 |
| 367 |
| | Value added tax receivable |
| 884 |
| 57 |
| | Net change in non-cash working capital |
| (945 | ) | (1,279 | ) | | Net cash (used) in investing activities |
| (1,251 | ) | (1,718 | ) |
|
|
|
|
|
| | Cash flow from financing activities |
|
|
|
|
| | Proceeds from issuance of borrowings, net of issue costs |
| 737 |
| 5,826 |
| | Repayment of borrowings |
| (1,862 | ) | (6,615 | ) | | Interest paid on long-term borrowings and other non-current payables |
| (561 | ) | (204 | ) | | Proceeds from issuance of equity, net of issue costs |
| 48 |
| - |
| | Other non-current liabilities |
| (71 | ) | (74 | ) | | Net cash (used) in financing activities |
| (1,709 | ) | (1,067 | ) |
|
|
|
|
|
| | Effects of exchange rate changes on cash and cash equivalents |
| 6 |
| (88 | ) | | Net decrease in cash and cash equivalents |
| (392 | ) | (6,566 | ) | | Cash and cash equivalents at beginning of the period |
| 1,750 |
| 10,746 |
| | Cash and cash equivalents at end of the period |
| 1,358 |
| 4,180 |
|
Contact:
North America: Tethys Petroleum Limited
Sabin Rossi - All Investor Queries
Vice President Investor Relations
+1 416-947-0167
Office: +1 416-941-1257
info@tethyspetroleum.com
Europe: Tethys Petroleum Limited
Veronica Seymour - All Media Queries
Vice President Corporate Communications
+44 1481 725922
Office: +44 1481 725911
www.tethyspetroleum.com
Mobile site: m.tethyspetroleum.com
Corporate Brokers:
FirstEnergy
Hugh Sanderson / David Van Erp
Office: + 44 207 448 0200
Seymour Pierce
Richard Redmayne / Stewart Dickson
Office: +44 207 107 8000
Asia Pacific: Quam IR
Anita Wan
Office phone/fax: +852 2217 2999
FTI Consulting
Ben Brewerton / Natalia Erikssen
Office: +44 207 831 3113Q1 2013 cash profit of USD2.8 million compared to a cash loss of USD1.7 million in Q1 2012 A new contract was signed to sell gas in Kazakhstan at USD2.56 per Mcf (USD90 per Mcm) Q1 2013 accounting loss of USD4.3 million (Q1 2012: USD6.8 million) Q1 2013 net cash generated from operating activities of USD2.6 million compared to Q1 2012 net cash used in operating activities of USD3.7 million |
