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Q4 2013 EARNINGS CALL – Tethys Oil

Tethys Oil · Feb 11, 2014 · 31 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Q4 2013 EARNINGS CALL – Tethys Oil – slide 1
    Q4 and full year 2013 www.tethysoil.com
  2. Q4 2013 EARNINGS CALL – Tethys Oil – slide 2
    Q4 Highlights 21 per cent increase in product compared to fourth quarter 2012. Year-end audited reserves Block 3&4 Oman net to Tethys: 1P reserves 10.7 million barrels (5.3) 2P reserves 15.2 million barrels (14.3) 3P reserves 20.0…
  3. Q4 2013 EARNINGS CALL – Tethys Oil – slide 3
    Sales % MSEK 60,0 250 Q4 2013 Q4 2012 2013 2012 50,0 200 Sales (MSEK) 193 170 592 584 40,0 30,0 Sales growth (%) 36 47 14 461 150 20,0 10,0 100 0,0 -10,0 50 -20,0 Record Net oil sales -30,0 0 Q4 2013 Q1 Q2 Q3 Q4 Increase in…
  4. Q4 2013 EARNINGS CALL – Tethys Oil – slide 4
    Sales over & underlift Bbl 300 000 250 000 200 000 150 000 100 000 50 000 0 Q4 2013 Q1 Q2 Q3 Q4 Sold volumes Produced volumes after government take Underlift position per 31 Dec, 13,752 barrels Underlift decrease…
  5. Q4 2013 EARNINGS CALL – Tethys Oil – slide 5
    Oil price development Q4 2013 Q4 2012 2013 2012 Average selling oil price (USD/barrel) 108.47 111.71 106.63 110.35 Secured oil price in 2014 - put options at strike USD 90 per barrel Options amount to 65 000 barrels per month…
  6. Q4 2013 EARNINGS CALL – Tethys Oil – slide 6
    Expenses MSEK Q4 2013 Q4 2012 2013 2012 70 Operating 60 expenses (MSEK) 36.8 15.9 151.9 95.5 50 40 Administrative 30 expenses (MSEK) 7.5 10.0 30.7 29.2 20 10 0 Q4 2013 Q1 Q2 Q3 Q4 Opex significantly impacted by transfer of…
  7. Q4 2013 EARNINGS CALL – Tethys Oil – slide 7
    EBITDA 250 Q4 2013 Q4 2012 2013 2012 200 EBITDA (MSEK) 148 193 479 530 150 EBITDA (%) 77 114 81 91 100 50 EBITDA margin grow in line with 0 Q4 2013 Q1 Q2 Q3 Q4 production excl one off effects EBITDA, MSEK EBITDA-marg % Q4 2012…
  8. Q4 2013 EARNINGS CALL – Tethys Oil – slide 8
    Cash flow 160 140 Q4 2013 Q4 2012 2013 2012 120 Cash Flow 100 (MSEK) 150 150 442 467 80 60 40 20 Increased interest payment 0 Q4 2013 Q1 Q2 Q3 Q4 from Q4 2012 due to the bond Cash flow from operations before changes in working…
  9. Q4 2013 EARNINGS CALL – Tethys Oil – slide 9
    Balance Sheet Q4 2013 2013-12-31 2012-12-31 Cash (MSEK) 248 295 Shareholders equity (MSEK) 1,100 860 Long term debts (MSEK) 422 417 Equity per share (SEK) 30.96 24.20 Cash per share (SEK) 6.98 8.30 www.tethysoil.com
  10. Q4 2013 EARNINGS CALL – Tethys Oil – slide 10
    Investments MSEK 300 Q4 2013 Q4 2012 2013 2012 250 Investments 200 (MSEK) 80 280 289 875 150 100 50 0 Q4 2013 Q1 Q2 Q3 Q4 Investments Majority of investments were made on Blocks 3 & 4 Focus on appraisal drilling, seismic…
  11. Q4 2013 EARNINGS CALL – Tethys Oil – slide 11
    Blocks 3 & 4 JV:s investments 10 months 2013 12 months 2012 Drilling - Exploration/Appraisal Drilling - Development Geology and seismic Facilities/Pipeline Other capex www.tethysoil.com
  12. Q4 2013 EARNINGS CALL – Tethys Oil – slide 12
    Share price Shares SEK 3000000 90 80 2500000 70 2000000 60 50 1500000 40 1000000 30 20 500000 10 0 0 Total volume Closing price www.tethysoil.com
  13. Q4 2013 EARNINGS CALL – Tethys Oil – slide 13
    Share price development 1Y Shelton Petroleum and PA Resources excluded www.tethysoil.com
  14. Q4 2013 EARNINGS CALL – Tethys Oil – slide 14
    Total production www.tethysoil.com
  15. Q4 2013 EARNINGS CALL – Tethys Oil – slide 15
    Oman production Oman - Daily production Tethys' Record production in Q4 share (bo) 7 000 Average daily production 5,310 6 000 bbl 5 000 4 000 Production from: Farha South, 3 000 Saiwan East and test production 2 000 B4EW4 1 000 0…
  16. Q4 2013 EARNINGS CALL – Tethys Oil – slide 16
    Oman Block 3 & 4 update Appraisal drilling on B4EW4 confirmed presence of oil and in long term production test Exploration well in B4EW5 wet and work to increase flow is undertaken Appraisal well B4EW4-6 flows in excess of 3,000…
  17. Q4 2013 EARNINGS CALL – Tethys Oil – slide 17
    Wells in Oman 40 12 35 Appraisal wells 10 30 2 Water source wells 8 4 25 1 1 Exploration wells 1 20 6 2 37 35 1 1 Water injection wells 15 1 5 4 8 10 22 4 Wells in previously 5 undrilled fault block 2 4 5 Production wells 4…
  18. Q4 2013 EARNINGS CALL – Tethys Oil – slide 18
    Appraisal and exploration wells 2013 B4EW4 Well Date Type of well Target reservoir Result B4EW4 February Exploration Multiple Oil B4EW4-2 June Appraisal Middle Buah No flows B4EW4-3 June Appraisal Lower Al Bashir Oil B4EW4-4 July…
  19. Q4 2013 EARNINGS CALL – Tethys Oil – slide 19
    Development of reserves Development of reserves, mmbo (Audited by DeGoyler and MacNaughton) 1P 2P 3P Total Dec 31, 2012 5.3 14.3 18.7 Production 2013 -1.7 -1.7 -1.7 Revisions 5.7 0.1 -1.6 Discoveries 1.5 2.5 4.6 Total 10.8 15.2 20.0…
  20. Q4 2013 EARNINGS CALL – Tethys Oil – slide 20
    Current reserves Reserves 31 December 2013, mmbo (Audited by DeGoyler and MacNaughton) 1P 2P 3P Farha South 8.9 11.7 13.5 Saiwan East 0.6 1.2 2.6 B4EW3 0.0 0.2 0.3 B4EW4 1.2 2.2 3.7 Total 10.8 15.2 20.0 Farha South field reserves are…
  21. Q4 2013 EARNINGS CALL – Tethys Oil – slide 21
    B4EW4 Structure Seismic Interpretation www.tethysoil.com
  22. Q4 2013 EARNINGS CALL – Tethys Oil – slide 22
    B4EW4 and Buah Prospects/Leads NOTE: these two in B4EW4 - 3 wells Farha new 3D producing from Lower Buah. 2P reserves 2.2 million barrels. Appraisal drilling continues B4EW5 tested oil, evaluation on-going B4EW6 well in…
  23. Q4 2013 EARNINGS CALL – Tethys Oil – slide 23
    Farha Farha Old 3D Producing Barik FB: 16 New FB drilled 2013: 1 (FS-68 in A Farha New 3D Leads South Farha South www.tethysoil.com
  24. Q4 2013 EARNINGS CALL – Tethys Oil – slide 24
    Seismic Activities Farha old: Reprocessing completed Farha new: 510km2 3D completed Processing completed B4EW4: 470km2 3D completed Processing completed 600km2 3D completed 850km2 2D completed 100% in 2013 Processing…
  25. Q4 2013 EARNINGS CALL – Tethys Oil – slide 25
    Oman - Block 15 update Sidetrack to JAS-2 completed in October Disappointing results from production test for both JAS-1 and Jas-2 Production test terminated Evaluation of other opportunities on the Block www.tethysoil.com
  26. Q4 2013 EARNINGS CALL – Tethys Oil – slide 26
    Lithuanian production Lithuania - Daily production Tethys' share (bo) Average daily production 114 180 bbl in Q4 160 140 Declining production - 120 according to plan 100 Evaluation of various 80 production enhancing 60 40…
  27. Q4 2013 EARNINGS CALL – Tethys Oil – slide 27
    Lithuania - Gargzdai update 7 producing fields Production declining according to plan A pilot Co2 production enhancement project carried out 2-3 undrilled conventional prospects Exposure to thick shale sections prospective for…
  28. Q4 2013 EARNINGS CALL – Tethys Oil – slide 28
    Lithuania Rietavas update Conventional exploration and shale exposure. Work programme fully funded by Chevron* Soviet era Silale discovery successfully appraised Silale-1 and Silale-5 in intermittent production Exploration well…
  29. Q4 2013 EARNINGS CALL – Tethys Oil – slide 29
    Lithuania Raseniai update Exploration for conventional oil in Silurian Reefs and other carbonates Twin of Soviet era stratigraphic well, Lapgiriai-1 drilled during spring - presence of oil confirmed. 3D seismic study, partly funded…
  30. Q4 2013 EARNINGS CALL – Tethys Oil – slide 30
    Outlook 2014 Oman and Lithuania B4EW4 appraisal to continue Several Lower Buah prospects to be drilled Farah South and South Farah South exploration/apprasial drilling Inhouse estimate of 3-20 mmbbl potential in Barik, Lower Buah,…
  31. Q4 2013 EARNINGS CALL – Tethys Oil – slide 31
    www.tethysoil.com

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