Tethys Petroleum Q3 results

Oilfield Technology, Monday, 16 November 2015 09:00

Financial highlights

Loss for the period of US$3.7 million (Q3: 2014 US$2.4 million).

Basic and diluted loss per share of US$0.01 (Q3: 2014 US$0.01).

Oil and gas revenue of US$5.7 million (Q3 2014: US$7.3 million).

Capital expenditure of US$1.9 million (Q3 2014: US$6.2 million).

Cash and cash equivalents at the end of Q3 2015 of US$4.3 million (Q3: 2014 US$10.1 million).

Five individual financings since November 2014 raising US$23.2 million.

Cost reduction highlights

Following the change in leadership from Q4 2014; combined annual administrative and business development expenses reduced from US$19.5 million (2014) to below US$10.5 million target for 2015.

Administrative expenses for Q3 2015 reduced by 50% to US$2.1 million (Q3 2014: US$4.2 million).

Business development expenses reduced by 100% (Q3 2014: USD$0.5 million).

Production expenses reduced by 39% to US$1.8 million (Q3 2014: US$3.0 million).

Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/16112015/tethys-petroleum-q3-results/

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Thursday 02 May 2024 10:50

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Financial highlights

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