Baku, Azerbaijan, March 31
By Elena Kosolapova - Trend:
The losses of the Tethys Petroleum Limited in 2015 stood at $74.6 million as compared to $16.4 million in 2014, said the company in a message posted on its website March 31.
Tethys Petroleum Limited is an oil and gas exploration and production company currently focused on Central Asia and the Caspian region with projects in Kazakhstan, Tajikistan and Georgia.
The company's losses have grown due to increased depreciation, depletion and amortization (DD&A).
Gas revenue increased by 98 percent and stood at $16.2 million following completion of a shallow gas development program in late 2014 and significantly improved pricing from January 2015.
However, the increase was more than offset by a reduction in oil revenue to $5.9 million from $18.9 million due to lower production and a more than halving of realized prices.
The company's total assets have decreased from $238.69 million to $190.59 million in a year.
Tethys Petroleum significantly reduced its expenses in 2015: administrative and business development expenses were reduced by 51 percent; headcount has been reduced by 24 percent since Q4 2014 contributing to a staff costs reduction of 50 percent.
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