ROGTEC Magazine - Russian Oil & Gas Technologies - News, Reviews & Articles

ROGTEC Magazine - Russian Oil & Gas Technologies - News, Reviews & Articles

Tethys Petroleum First Quarter 2011 Financial Results

Monday, May 16th, 2011

Tethys Petroleum Limited today announced its first quarter 2011 financial results. The results are underlined by a 112% 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
• With sales of US$4.48 million in the three months ended March 31, 2011 the Company achieved a 112% increase on the same period of 2010 where sales were US$2.12 million.
• The Company also recorded a reduced net loss of US$6.30 million in the three months ended March 31, 2011 compared to a net loss of US$8.00 million in the three months ended March 31, 2010.
• Capital expenditure, excluding the joint venture in Tajikistan in the three months ended March 31, 2011 was US$10.85 million compared to US$4.44 million in the three months ended March 31, 2010. In Tajikistan capital expenditure in the three months to March 31, 2011 was US$3.00 million compared to US$2.28 million in the three months ended March 31, 2010.

Tethys is focused on oil and gas exploration and production activities in Central Asia with activities currently in the Republics of Tajikistan, Kazakhstan 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.

www.tethyspetroleum.com

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