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PRESS RELEASE |
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| FOR IMMEDIATE RELEASE |
21st May, 2009 |
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TETHYS OIL: REPORT FOR THE PERIOD 1 JANUARY 2009 - 31 MARCH 2009
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HIGHLIGHTS
- Farha South well onshore Oman drilled with excellent results – flowed 754 BOPD
- Saiwan East-2 well onshore Oman drilled to final depth - logging ongoing – preliminary indications of oil bearing zones in both upper and deeper part of the well
- Spud of Tafejjart-1 well onshore Morocco
- Tethys Oil completed a private placement of 1,300,000 shares in February – proceeds of MSEK 13 before issue costs
- Result for the first quarter 2009 amounted to TSEK 1,568 (TSEK – 5,458 for the corresponding period last year). The result for the first quarter 2009 has been significantly impacted by net foreign exchange gains amounting to TSEK 6,008 due to a stronger US dollar. The majority of these exchange rate gains are translation differences and are therefore non cash related items. Furthermore, write downs of TSEK 1,364 have negatively affected the result of the first quarter
- Earnings per share amounted to SEK 0.06 (SEK – 0.28) for the first quarter 2009
- Cash and cash equivalents as per 31 March 2009 amounted to TSEK 23,080 (TSEK 29,886). Oil and gas investments amounted to TSEK 17,677 mainly related to Oman, Blocks 3 and 4.
- As at 31 March 2009 there have been no sales of oil and gas in Tethys Oil, nor for the equivalent period of last year
About Tethys Oil AB
Tethys Oil is a Swedish energy company focused on identification and development for production of oil and natural gas assets in the Middle East, North Africa and Europe. Tethys' strategy is to primarily invest in projects in areas with known oil and natural gas discoveries that have not been properly appraised using modern technology. In this way, high returns can be achieved with limited risk.
The company has interests in licences in Oman, Morocco, France, Spain, Turkey and Sweden. The shares are listed on First North (TETY) in Stockholm. Remium AB is Certified Adviser.
Website: www.tethysoil.com
For further information, please contact
Magnus Nordin
Managing Director
Phone +46 8 679 4995
magnus@tethysoil.com
PRESS CONTACTS:
Christopher Chu
Investor Relations
Grayling Global
Tel: +1-646-284-9426
Email: cchu@hfgcg.com |
Mr. Robert W. McMillen
Chairman
MAC Capital Limited
Suite 115, Building 4, Gold & Diamond Park
Interchange 4, Sheikh Zayed Road
P.O. Box 122723, Dubai, U.A.E.
Tel: +971-4-409-7170
Fax: +971-4-409-7270
Email: rwm@maccapital.ae |
Mr. Gerhard Hametner
Director
MAC Capital Limited
Suite 115, Building 4, Gold & Diamond Park
Interchange 4, Sheikh Zayed Road
P.O. Box 122723, Dubai, U.A.E.
Tel: +971-4-409-7177
Fax: +971-4-409 7277
Email: gh@maccapital.ae |
NOTES FOR THE EDITOR:
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About MAC Capital Limited.
MAC Capital Limited is regulated by the Dubai Financial Services Authority and is a member of the DIFX. The group’s shareholders include international stock brokers, investment banks and private banks, including:
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- Tolhurst Group Limited Australia
- Quam Securities Co., Ltd. Hong Kong
- Killik & Co. United Kingdom
- Syrus Securities Plc. Thailand
- Banque Morval Switzerland
- Capital Partners Securities Co., Ltd. Japan
- Lloyd Edward-Jones France |
and a number of prominent international businessmen. Its website is www.maccapital.ae
In Dubai, its affiliate MAC Sharaf Securities (U.A.E.) LLC, is a fully licenced stock broker on the Dubai Financial Market (“DFM”) and the Abu Dhabi Securities Exchange (“ADX”) and its Dubai-based partners are the Sharaf Group and Major General Mohammed Abdul Rahim Al Ali.
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