Tethys oil company significantly ups revenue in second quarter of 2012

Oil&Gas Materials 15 August 2012 11:10 (UTC +04:00)

Azerbaijan, Baku, Aug. 16 / Trend E. Kosolapova/

Central Asian Oil and Gas Company Tethys Petroleum Limited increased revenue from $4.2 million in the second quarter of 2011 to $10.2 million in the second quarter of 2012, the company reported.

Tethys' average oil and gas production amounted to 6,683 barrels of oil equivalent per day in the reporting period compared to 5,681 barrels in the same period of 2011.

"In the second quarter commercial oil sales commenced through the Aral Oil Terminal (the "AOT"), which is owned by Tethys and a 50-percent partner, which effectively halved the oil trucking distance and provides better control over the oil sales. Production was steadily increased over a period as each part of the sales chain was optimized," the company said.

The company's assets decreased to $253.153 million on June 30 compared to $263.391 million on Dec.31.

Tethys' equity fell from $237.88 million to $228.191 million in the first half of 2012

The company's liabilities decreased from $25.511 million to $24.962 million during this period.

Tethys Petroleum Limited is an oil and gas exploration and production company currently focusing 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.