Tethys Petroleum Annual Results and Corporate Update
Tethys Petroleum has released its Annual Results for 2024, revealing significant financial challenges. The company's oil and gas sales dropped 58% to $15.2 million in 2024, compared to $36.5 million in 2023, due to reduced production volume and lower prices.
The company reported a net loss of $19.1 million in 2024, contrasting with a profit of $9.7 million in 2023. Two major non-cash charges impacted the results: an impairment of Kul-Bas contract area costs and currency translation losses from the Kazakhstan tenge's depreciation against the US dollar.
Despite these setbacks, management maintains a positive outlook. The company operates with minimal debt and holds valuable assets. While acknowledging challenges in developing oil handling, gas utilization, operations, and logistics to boost production, management remains confident in addressing these issues over time.
Tethys Petroleum ha pubblicato i risultati annuali per il 2024, evidenziando importanti difficolt脿 finanziarie. Le vendite di petrolio e gas sono diminuite del 58%, attestandosi a 15,2 milioni di dollari nel 2024, rispetto ai 36,5 milioni del 2023, a causa della riduzione del volume di produzione e del calo dei prezzi.
L'azienda ha registrato una perdita netta di 19,1 milioni di dollari nel 2024, a fronte di un utile di 9,7 milioni nel 2023. Due rilevanti oneri non monetari hanno influenzato i risultati: una svalutazione dei costi relativi all'area contrattuale di Kul-Bas e perdite da conversione valutaria dovute alla svalutazione del tenge kazako rispetto al dollaro USA.
Nonostante queste difficolt脿, la direzione mantiene un outlook positivo. L'azienda opera con un debito minimo e possiede asset di valore. Pur riconoscendo le sfide nello sviluppo della gestione del petrolio, nell'utilizzo del gas, nelle operazioni e nella logistica per aumentare la produzione, la direzione 猫 fiduciosa di poter affrontare questi problemi nel tempo.
Tethys Petroleum ha publicado sus resultados anuales para 2024, revelando importantes desaf铆os financieros. Las ventas de petr贸leo y gas cayeron un 58%, alcanzando 15,2 millones de d贸lares en 2024, frente a los 36,5 millones de 2023, debido a la reducci贸n del volumen de producci贸n y a la baja de precios.
La compa帽铆a report贸 una p茅rdida neta de 19,1 millones de d贸lares en 2024, en contraste con una ganancia de 9,7 millones en 2023. Dos cargos no monetarios importantes afectaron los resultados: una depreciaci贸n de los costos del 谩rea contractual de Kul-Bas y p茅rdidas por conversi贸n de moneda debido a la depreciaci贸n del tenge kazajo frente al d贸lar estadounidense.
A pesar de estos contratiempos, la direcci贸n mantiene una perspectiva positiva. La empresa opera con una deuda m铆nima y posee activos valiosos. Aunque reconoce los desaf铆os en el desarrollo del manejo del petr贸leo, la utilizaci贸n del gas, las operaciones y la log铆stica para aumentar la producci贸n, la direcci贸n conf铆a en poder abordar estos problemas con el tiempo.
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Tethys Petroleum a publi茅 ses r茅sultats annuels pour 2024, r茅v茅lant d'importants d茅fis financiers. Les ventes de p茅trole et de gaz ont chut茅 de 58 % pour atteindre 15,2 millions de dollars en 2024, contre 36,5 millions en 2023, en raison d'une baisse du volume de production et des prix.
L'entreprise a enregistr茅 une perte nette de 19,1 millions de dollars en 2024, contrastant avec un b茅n茅fice de 9,7 millions en 2023. Deux charges non mon茅taires majeures ont affect茅 les r茅sultats : une d茅pr茅ciation des co没ts li茅s 脿 la zone contractuelle de Kul-Bas et des pertes de change dues 脿 la d茅pr茅ciation du tenge kazakh face au dollar am茅ricain.
Malgr茅 ces revers, la direction reste optimiste. L'entreprise fonctionne avec une dette minimale et poss猫de des actifs pr茅cieux. Tout en reconnaissant les d茅fis li茅s au d茅veloppement de la gestion du p茅trole, 脿 l'utilisation du gaz, aux op茅rations et 脿 la logistique pour augmenter la production, la direction reste confiante dans sa capacit茅 脿 r茅soudre ces probl猫mes avec le temps.
Tethys Petroleum hat seine Jahresergebnisse f眉r 2024 ver枚ffentlicht und dabei erhebliche finanzielle Herausforderungen offenbart. Die 脰l- und Gasverk盲ufe des Unternehmens sanken im Jahr 2024 um 58 % auf 15,2 Millionen US-Dollar, verglichen mit 36,5 Millionen US-Dollar im Jahr 2023, bedingt durch geringere Produktionsmengen und niedrigere Preise.
Das Unternehmen meldete im Jahr 2024 einen Nettoverlust von 19,1 Millionen US-Dollar, im Gegensatz zu einem Gewinn von 9,7 Millionen US-Dollar im Jahr 2023. Zwei wesentliche nicht zahlungswirksame Aufwendungen wirkten sich auf das Ergebnis aus: eine Wertminderung der Kosten im Kul-Bas Vertragsgebiet und W盲hrungsverluste aufgrund der Abwertung des kasachischen Tenge gegen眉ber dem US-Dollar.
Trotz dieser R眉ckschl盲ge bleibt das Management optimistisch. Das Unternehmen arbeitet mit minimaler Verschuldung und verf眉gt 眉ber wertvolle Verm枚genswerte. Obwohl Herausforderungen bei der Entwicklung der 脰lh盲ndhabung, Gasverwertung, Betrieb und Logistik zur Produktionssteigerung bestehen, ist das Management zuversichtlich, diese Probleme im Laufe der Zeit zu bew盲ltigen.
- Company maintains zero to minimal debt levels
- Company retains valuable operating assets
- Oil and gas sales dropped 58% to $15.2M in 2024 (from $36.5M in 2023)
- Net loss of $19.1M in 2024 compared to $9.7M profit in 2023
- Significant impairment charges on Kul-Bas contract area
- Currency losses from Kazakhstan tenge depreciation against USD
- Delays in production license approval
- Production volume declined
- Lower oil and gas prices impacting revenue
Grand Cayman, Cayman Islands--(Newsfile Corp. - April 29, 2025) - Tethys Petroleum Limited (TSXV: TPL) ("Tethys" or the "Company") today announced that it has filed its Annual Results for the year ended December 31, 2024 with the Canadian securities regulatory authorities comprising its Audited Financial Statements together with Management's Discussion and Analysis and other required forms. Copies of the filed documents may be obtained via SEDAR at or on Tethys' website at .
Financial highlights
Oil and gas sales decreased by
Management remains confident on the future of Tethys despite the delays experienced in the production license approval and the decline in oil and gas prices. Tethys has little to no debt and has valuable operating assets. While it will be a challenge to develop the oil handling, gas utilization, gas operations and logistics necessary to increase production, we remain confident that over time these challenges and requirements can be met. We appreciate the continued support and understanding of Tethys shareholders through a more challenging period and want shareholders to know that the board and management are doing what we can to create a good company and return on investment.
About Tethys
Tethys is focused on oil and gas exploration and production activities in Central Asia and the Caspian Region. Tethys believes that significant potential exists in both exploration and in discovered deposits in the area.
Disclaimer
Some of the statements in this document are forward-looking. No part of this announcement constitutes, or shall be taken to constitute, an invitation or inducement to invest in the Company or any other entity and shareholders of the Company are cautioned not to place undue reliance on the forward-looking statements. Save as required by applicable law, the Company does not undertake to update or change any forward-looking statements to reflect events occurring after the date of this announcement.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact Information:
Tethys Petroleum
Casey McCandless
Chief Financial Officer
[email protected]
901-763-4001
To view the source version of this press release, please visit
FAQ
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