Tethys Oil: Second Quarter and Half Year Report 1 January – 30 June 2023

Source: www.gulfoilandgas.com 8/8/2023, Location: Middle East

Second quarter 2023 (first quarter 2023)

- The extended well test on the Al Jumd discovery on Block 56 was active throughout the quarter with positive results. A total of 34,699 barrels gross was produced during the quarter.

- Tethys has applied for an extension to the license to allow for preparations of a provisional field development plan and to conduct additional appraisal and exploration activities with the aim of establishing commercial viability of the block.

- Exploration drilling on the first South Fahd prospect on Block 58 has been pushed to early 2024 following a retendering of the drilling rig. The South Lahan prospect maturation is completed and is expected to be third-party validated in the third quarter.

- Tethys Oil is exploring a potential farmout of an interest share in Block 58.

- Production from Blocks 3&4 in the quarter amounted to 8,994 barrels of oil per day (9,411), with a Net entitlement of 52% (52) and an achieved oil price of USD 81.6 per barrel (81.7).

- Revenue and other income was MUSD 34.7 (35.3) and EBITDA MUSD 16.9 (18.7).

- Cash flow from operations amounted to MUSD 25.7 (20.4) while the investments in oil and gas properties amounted to MUSD 21.4 (20.0) and the Free cash flow was MUSD 4.0 (0.4).

Revised full year 2023 production and financial guidance

- Production for the full year 2023 is expected to be 9,000 (+/- 200) barrels of oil per day, compared to previous full year guidance of 9,000-10,000 barrels of oil per day.

- Following the revised production guidance, operating expenditures are expected to be USD 17.0 (+/- 0.5) per barrel of oil, compared to USD 14.5 (+/- 1.0) per barrel of oil.

- Investments in oil and gas properties are expected to be in the range of MUSD 81-86, compared to MUSD 85-95.

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