Tethys Petroleum reports 66% rise in oil, gas revenue in 2012

Tethys Petroleum has reported a 66% increase in annual oil and gas revenue to $38.11m for the period ended 31 December 2012, as compared to the same period in 2011.

The company posted a cash profit of $3.42m in 2012, compared to a cash loss of $3.93m in 2011.

Revenues from oil and gas rose from $6.49m in Q1 to $11.43m in Q4 and from a cash loss of $1.65m in Q1 to a cash profit of $2.34m in Q4.

Tethys said $1.36m net cash generated from operating activities compared to $12.56m has been used in operating activities in 2011.

According to the company, the updated Kazakh independent Resource Report estimates the gross unrisked recoverable mean prospective oil resources to be around 1.23 billion barrels of oil and 634 Bcf of natural gas.

Tethys has commenced operations at Aral Oil Terminal, while Phase 2 is completed and awaiting final State approval.

In Tajikistan, Tethys has signed Farm Out Agreement (FOA) for the Bokhtar Production Sharing Contract (PSC) with subsidiaries of Total and the China National Oil and Gas Exploration and Development (CNODC).

The company has also signed production enhancement contract for a new oil field, the Chegara Group of Fields, in Uzbekistan.

In 2013, the Tethys plans to drill up to three wells targeting oil on the Akkulka Exploration Contract area in Kazakhstan.