Brief: Tethys Oil Q4 EBITDA Falls To $21.3 Mln

Tethys Oil AB

11/02/2020 06:35

Feb 11 (Reuters) - Tethys Oil AB  TETY.ST :
    * FOURTH QUARTER AND YEAR-END REPORT - 31 DECEMBER 2019
    * Q4 EBITDA OF MUSD 21.3 (MUSD 26.6 IN Q3)
    * Q4 RECORD PRODUCTION FROM BLOCKS 3&4, OMAN, AT 13,475 BOPD
(Q3
13,053 BOPD)
    * HIGHER PRODUCTION WAS OFFSET BY A DECREASE IN OIL PRICES
BY NINE
PERCENT.
    * Q4 NET RESULT OF MUSD -0.3 (Q3 MUSD 14.9)
    * REVENUES AND EBITDA DROPPED IN Q4, MAINLY AS RESULT OF
LOWER OIL
PRICES, HIGHER OPERATIONAL EXPENDITURES AND SLIGHTLY LOWER
ENTITLEMENT
    * OUTLOOK FOR 2020: PRODUCTION LEVELS IN RANGE OF 12,600 TO
13,400
BOPD EXPECTED FROM BLOCKS 3&4
    * BOARD OF DIRECTORS PROPOSES AN ORDINARY DIVIDEND OF SEK
2.00 PER
SHARE (2019: SEK 2.00), TO BE PAID IN TWO INSTALMENTS OF SEK
1.00 PER SHARE EACH IN MAY AND NOVEMBER 2020
    * FULL RIG YEAR WILL BE DEDICATED IN 2020 TO DRILLING
EXPLORATION
AND APPRAISAL WELLS
    * FOR 2020 WE EXPECT INVESTMENTS ON BLOCKS 3&4, BLOCK 49 AND
BLOCK
56 TO AMOUNT TO MUSD 64-71.
    * WE DO ALSO FORESEE OPERATING EXPENSES OF USD 11.5 PER
BARREL IN
2020.
    * EXPECT OUR 2020 PRODUCTION ENTITLEMENT TO BE BETWEEN 51-52
PERCENT, ALBEIT WITH QUARTERLY VARIATIONS.

Source text for Eikon:  ID:nWkr2vFf14 
Further company coverage:  TETY.ST 

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