Tethys oil company ups revenue by 45 percent in first quarter of 2012
Azerbaijan, Baku, May 16 / Trend E. Kosolapova/
Central Asian Oil and Gas Company Tethys Petroleum Limited increased revenue by 45 percent in the first quarter of 2012, the company reported. The total company's revenue hit $6.49 million in the reporting period compared to $4.48 million in the same period of 2011.
Tethys' average oil production amounted to 5.117 barrels of oil equivalent per day compared to 4,531 barrels in the same period of 2011. Gas production increased from 511 cubic meters per day in January-March 2011 to 566 cubic meters per day in the same period of 2012.
Company's assets decreased to $235.943 million on March 31 compared to $263.391 million on December 31.
Tethys' equity fell from $237.88 million to $231.676 million in the reporting period.
Company's liabilities decreased from $25.511 million to $22.269 million in this period.
Tethys Petroleum Limited is an oil and gas exploration and production company currently focused on Central Asia with projects in oil-rich Kazakhstan, Tajikistan and Uzbekistan. It is the only independent oil and gas company operating in all three countries.