Azerbaijan, Baku, May 16 / Trend E. Kosolapova/
Tethys Petroleum Limited increased revenues by 94 percent to $12.553 million in the first quarter 2013 compared to the same period of 2012, the company reported.
The company's loss decreased from $6.848 million in the first three months of 2012 to $4.327 million in the same period of 2013.
The company's oil production (before the deduction of local governments share or taxation) increased from 1,785 barrels of oil per day in the first quarter of 2012 to 3,795 barrels of oil per day in the first quarter of 2013. Similarly, barrels of oil equivalent per day production have increased from 5,117 barrels of oil equivalent per day in the first quarter of 2012 to 6,366 barrels of oil equivalent per day in the first quarter of 2013.
Tethys' assets decreased from $251.953 million as of December 31, 2012 to $246.896 million as of March 31, 2013.
The company's equity decreased from $220.153 million to $216.239 million, liabilities decreased from $31.800 million to $30,657 million in this period.
Oil and gas sales rose to $12.6 million in the first quarter of 2013 from $6.5 million in the same period of 2012.
The company's accounting loss decreased from $6.8 million in the first quarter of 2012 to $4.3 million in the first quarter of 2013.
Net cash generated from operating activities hit $2.6 million in the first quarter of 2013 compared to $3.7 million in the same period of 2012.
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.
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