Tethys Oil's share of production from Blocks 3&4 during the fourth quarter 2021, before government take, amounted to 980,599 barrels of oil, corresponding to 10,659 barrels of oil per day. The net entitlement, Tethys Oil's share of production after government take, amounted to 432,469 barrels, corresponding to 44 percent of the total production. A total of 514,683 barrels were sold in the quarter resulting in an Achieved oil price of USD 73.7 per barrel in the period.
Production
(bbl)*
Net entitlement barrels (bbl)**
Net sales
(bbl)
Achieved oil price
(USD/bbl)
Q4 2021
980,599
432,469
514,683
73.7
Q3 2021
1,037,768
428,121
448,740
66.7
Q2 2021
1,003,750
420,655
477,708
59.7
Q1 2021
1,042,686
518,895
367,726
46.7
Q4 2020
1,018,653
529,699
547,338
42.3
Full year 2021
4,064,803
1,800,140
1,808,857
62.8
Full year 2020
4,148,818
2,157,385
2,317,875
47.7
* Before government take
** After government take
Net entitlement is the share of production available for sale by Tethys Oil and is calculated monthly in accordance with the terms of the Exploration and Production Sharing Agreement (EPSA) for Blocks 3&4. The net entitlement will vary depending upon the level of production, oil price and costs incurred during the period. For further explanation of the calculation of net entitlement, see Tethys Oil's annual report for 2020.
The net sales of 514,683 barrels in the fourth quarter 2021 includes the September to December 2021 monthly lifting nominations. Consequently, the fourth quarter 2021 Achieved oil price of USD 73.7 per barrel reflects the pricing in the period September to December 2021, Average Official Selling Price ("Average OSP") in that same period was USD 74.1.
The fourth quarter and twelve months report 2021 will be published on 8 February 2022.
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Tethys Oil AB published this content on 31 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 January 2022 15:50:09 UTC.
Tethys Oil AB is a Sweden-based energy company. The Company is focused on oil and gas exploration and production onshore areas with known discoveries. Its core area of focus is the Sultanate of Oman, where the Company holds licence interests in three onshore blocks. Tethys Oil has licences in three countries altogether: Oman, Lithuania and France. Two of the licenses are in production, namely Blocks 3 & 4 in Oman and Gargzdai in Lithuania. During 2013 the Company also had licenses in Sweden, however, they have expired and were not renewed. As of December 31, 2013, the Company had 10 wholly owned subsidiaries active in Sweden, Gibraltar, Switzerland and the British Virgin Islands, such as Tethys Oil Denmark AB, Tethys Oil Spain AB and Tethys Oil Turkey AB, among others.