Tethys Petroleum: Second Quarter 2013 Results
Tethys Petroleum Limited today announced its second quarter 2013 financial results. The Company reports financial results in accordance with International Financial Reporting Standards (“IFRS”).
Q2 Financial Highlights
Increase in earnings (EBITDA adjusted for share based payments) to USD8.0 million from USD1.1 million in 2012
Profit before tax of USD3.9 million (Q2 2012: Loss of USD4.4 million)
Administrative costs down 12% at USD4.9 million (Q2 2012: USD5.5 million)
Six Months 2013 Financial Highlights
Increase in earnings (EBITDA adjusted for share based payments) to USD10.7 million compared with negative USD0.5 million in 2012
Profit before tax of USD0.6 million (2012: loss of USD11.1 million)
Revenue from oil and gas sales up 29% at USD21.5 million (2012:USD16.7 million)
Administrative costs down 7% at USD9.6 million (2012: USD10.4 million)
The full Q2 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 increase in profit is primarily due to USD8.7 million of the gain arising from the Tajik farm-out in which USD63.4 million was received on June 18th, USD54.7 million being credited against non current assets and USD8.7 million booked to profit.
