GRAND CAYMAN, CAYMAN ISLANDS--(Marketwired - Nov. 15, 2016) - Tethys Petroleum Limited (TSX:TPL)(LSE:TPL) today announced its Results for the quarter ended September 30, 2016.
Q3 Financial Highlights (all figures reported in USD unless stated otherwise. 2015 amounts are for the quarter ended September 30, 2015).
Q3 Operational Highlights
Oil
Gas
Q3 Significant Events
Significant Events Subsequent to September 30, 2016
Cautionary Statements
This press release contains "forward-looking information" which may include, but is not limited to, statements with respect to our operations. Such forward-looking statements reflect our current views with respect to future events. These forward-looking statements are subject to certain risks and uncertainties. See our Annual Information Form for the year ended December 31, 2015 for a description of risks and uncertainties relevant to our business, including our exploration activities.
About Tethys Petroleum
Tethys Petroleum's aim is to become the leading independent E&P Company in Central Asia, by exercising capital discipline, by generating cash flow from existing discoveries and by maturing large exploration prospects within our highly attractive frontier acreage.
Tethys Petroleum Limited | ||||
Consolidated Statement of Financial Position | ||||
(in thousands of US dollars) | ||||
As at | ||||
September 30, 2016 | December 31, 2015 | |||
Non-current assets | ||||
Intangible assets | 67,227 | 64,202 | ||
Property, plant and equipment | 105,699 | 113,397 | ||
Restricted cash | 2,237 | 2,233 | ||
Investment in joint arrangements | 4 | 4 | ||
Trade and other receivables | 1,910 | 2,457 | ||
Deferred tax | 211 | 226 | ||
177,288 | 182,519 | |||
Current assets | ||||
Cash and cash equivalents | 1,800 | 3,272 | ||
Trade and other receivables | 7,349 | 3,710 | ||
Inventories | 821 | 879 | ||
Restricted cash | 65 | 215 | ||
10,035 | 8,076 | |||
Total assets | 187,323 | 190,595 | ||
Non-current liabilities | ||||
Trade and other payables | 70 | 133 | ||
Financial liabilities - borrowings | 1,811 | 22,873 | ||
Deferred tax | 10,133 | 10,792 | ||
Provisions | 894 | 846 | ||
12,908 | 34,644 | |||
Current liabilities | ||||
Financial liabilities - borrowings | 32,356 | 9,159 | ||
Derivative financial instruments | - | 275 | ||
Current taxation | 491 | 398 | ||
Trade and other payables | 18,133 | 14,189 | ||
Provisions | 25 | 360 | ||
51,005 | 24,381 | |||
Total liabilities | 63,913 | 59,025 | ||
Equity | ||||
Share capital | 4,000 | 33,696 | ||
Share premium | 357,803 | 321,803 | ||
Other reserves | 43,349 | 43,166 | ||
Accumulated deficit | (287,838 | ) | (273,189 | ) |
Non-controlling interest | 6,096 | 6,094 | ||
Total equity | 123,410 | 131,570 | ||
Total equity and liabilities | 187,323 | 190,595 | ||
Tethys Petroleum Limited | ||||||||
Consolidated Statements of Comprehensive Income (Loss) | ||||||||
(in thousands of US dollars except per share information) | ||||||||
Three months ended September 30 |
Nine months ended September 30 |
|||||||
2016 | 2015 | 2016 | 2015 | |||||
Sales and other revenues | 3,119 | 5,736 | 10,103 | 18,528 | ||||
Sales expenses | (665 | ) | (1,182 | ) | (2,132 | ) | (3,563 | ) |
Production expenses | (1,979 | ) | (1,811 | ) | (4,503 | ) | (8,578 | ) |
Depreciation, depletion and amortisation | (2,473 | ) | (3,716 | ) | (8,256 | ) | (25,004 | ) |
Administrative expenses | (1,354 | ) | (2,073 | ) | (4,379 | ) | (7,608 | ) |
Restructuring costs | 23 | (586 | ) | (1,400 | ) | (2,907 | ) | |
Transaction costs of assets held for sale | - | - | - | (1,065 | ) | |||
Share based payments | (20 | ) | (93 | ) | (183 | ) | (358 | ) |
Profit on sale of fixed assets | - | 10 | 10 | 53 | ||||
Foreign exchange gain/(loss) | 18 | (716 | ) | 141 | (931 | ) | ||
Fair value gain/(loss) on derivative financial instrument | 6 | 236 | 275 | (233 | ) | |||
Loss from jointly controlled entity | - | (15 | ) | - | (250 | ) | ||
Finance costs | (893 | ) | (321 | ) | (4,835 | ) | (2,848 | ) |
(7,337 | ) | (10,267 | ) | (25,262 | ) | (53,292 | ) | |
Loss before tax from continuing operations | (4,218 | ) | (4,531 | ) | (15,159 | ) | (34,764 | ) |
Taxation | 182 | 833 | 512 | 3,754 | ||||
Loss from continuing operations | (4,036 | ) | (3,698 | ) | (14,647 | ) | (31,010 | ) |
Loss from discontinued operations net of tax | - | (11 | ) | - | (88 | ) | ||
Loss and total comprehensive income | (4,036 | ) | (3,709 | ) | (14,647 | ) | (31,098 | ) |
Loss and total comprehensive income attributable to: | ||||||||
Shareholders | (4,196 | ) | (3,711 | ) | (14,649 | ) | (31,097 | ) |
Non-controlling interest | 160 | 2 | 2 | (1 | ) | |||
Loss and total comprehensive income | (4,036 | ) | (3,709 | ) | (14,647 | ) | (31,098 | ) |
Loss per share attributable to shareholders: | ||||||||
Basic and diluted - from continuing operations (USD) | (0.01 | ) | (0.01 | ) | (0.04 | ) | (0.09 | ) |
Basic and diluted - from discontinued operations (USD) | - | - | - | - | ||||
Tethys Petroleum Limited | ||||||||
Consolidated Statements of Cash Flows | ||||||||
(in thousands of US dollars) | ||||||||
Three months ended September 30 |
Nine months ended September 30 |
|||||||
Cash flow from operating activities | ||||||||
Loss before tax from continuing operations | (4,218 | ) | (4,531 | ) | (15,159 | ) | (34,764 | ) |
Loss before tax from discontinued operations | - | (11 | ) | - | (88 | ) | ||
Adjustments for: | ||||||||
Share based payments | 20 | 93 | 183 | 358 | ||||
Net finance cost | 893 | 321 | 4,835 | 2,848 | ||||
Depreciation, depletion and amortisation | 2,473 | 3,716 | 8,256 | 25,004 | ||||
Profit on sale of fixed assets | - | (10 | ) | (10 | ) | (53 | ) | |
Fair value gain on derivative financial instruments | (4 | ) | (236 | ) | (274 | ) | 233 | |
Net unrealised foreign exchange loss/(gain) | 109 | (87 | ) | (246 | ) | (61 | ) | |
Loss from jointly controlled entity | - | 15 | - | 250 | ||||
Movement in provisions | (100 | ) | (1,308 | ) | (1,736 | ) | (3,298 | ) |
Net change in working capital | (883 | ) | (3,085 | ) | (1,099 | ) | (970 | ) |
Cash used in operating activities | (1,710 | ) | (5,123 | ) | (5,250 | ) | (10,541 | ) |
Corporation tax paid | (7 | ) | - | (28 | ) | (134 | ) | |
Net cash used in operating activities | (1,717 | ) | (5,123 | ) | (5,278 | ) | (10,675 | ) |
Cash flow from investing activities: | ||||||||
Interest received | - | 46 | - | 137 | ||||
Expenditure on exploration and evaluation assets | (90 | ) | (1,588 | ) | (545 | ) | (5,530 | ) |
Expenditure on property, plant and equipment | (228 | ) | (350 | ) | (509 | ) | (2,389 | ) |
Proceeds from sale of fixed assets | - | 8 | 33 | 121 | ||||
Movement in restricted cash | (2 | ) | (87 | ) | 146 | (238 | ) | |
Movement in advances to construction contractors | 193 | (11 | ) | (6 | ) | 179 | ||
Movement in value added tax receivable | 131 | 339 | 559 | 1,058 | ||||
Net change in working capital | 200 | 598 | 239 | (924 | ) | |||
Net cash generated/(used) in investing activities | 204 | (1,045 | ) | (83 | ) | (7,586 | ) | |
Cash flow from financing activities: | ||||||||
Proceeds from issuance of borrowings, net of issue costs | 4,430 | 5,000 | 7,930 | 23,235 | ||||
Repayment of borrowings | (715 | ) | (288 | ) | (1,289 | ) | (4,953 | ) |
Interest paid on borrowings | (903 | ) | (311 | ) | (2,616 | ) | (1,219 | ) |
Movement in other non-current liabilities | (22 | ) | (27 | ) | (90 | ) | (83 | ) |
Net cash generated from financing activities | 2,790 | 4,374 | 3,935 | 16,980 | ||||
Effects of exchange rate changes on cash and cash equivalents | (177 | ) | 1,138 | (46 | ) | 1,699 | ||
Net increase/(decrease) in cash and cash equivalents | 1,100 | (656 | ) | (1,472 | ) | 418 | ||
Cash and cash equivalents at beginning of the period | 700 | 4,942 | 3,272 | 3,868 | ||||
Cash and cash equivalents at end of the period | 1,800 | 4,286 | 1,800 | 4,286 |
Tethys Petroleum
[email protected]
Web: http://www.tethyspetroleum.com