/KASE, August 20, 08/ - Tethys Petroleum Limited (Channel Islands), common
shares of which are listed on the special trading floor of the regional financial
center of Almaty in the third category, provided Kazakhstan Stock Exchange
(KASE) with the press release:
Quotation start
August 19, 2008 - Gerncy, Normand Islands - Tethys Petroleum Limited
("Tethys" or "Company"), registered on Toronto Stock Exchange under TPL
symbol and in the official list of the special trading floor of the regional
financial center of Almaty (STFRFCA), with aGG_TPL_, is pleased to provide
financials for Q2 2008.
KEY FINANCIALS
On June 27, 2008 the Company has finished the deal on public offering of
ordinary shares with UDS50 m. returns (USD46.25 m. net of broker commissions
and specialist fees).
In Q2 2008 actual returns of the Company from sales of gas from Kyzyloi deposit
(net of license payment and with no account to VAT return) made up USD1.56 m.
Average output of gas for sale, equals to approximately 566 cubic meters per day
from the first six wells of the deposit.
A USD5.28 m. net loss has been registered for three months according to the
data as on June 30, 2008. More than 3.6 million of the loss were caused by
reallocation of non-cash funds, related to costs of options on share and coupons,
and due to reduction of costs of licensed areas with proved deposits. General and
administrative expenditures were less than in Q1; however exceeding that of
2007, mainly thanks to additional expenses connected with the deal on public
offering of securities and staff expansion, and also because of business
development costs, related to further prospective developments of the Company.
As on June 30, 2008 cash funds of the Company and their equivalents made up
USD58.9 m. without account to preliminary payments of USD5.8 m., mainly
related to advance payment for drilling works in Kazakhstan and stage payment
of equipment, required for the second stage works on development of shallow
hearted gas in Kazakhstan.
Capital expenditures of Q2 2008 in the amount of USD13.1 m. were mainly
caused by acquisition of deep drilling machine "Telesto" and accompanying
equipment for drilling of wells at Akkulka and Kulbas areas, and because of
payments related to equipment and construction within the second stage works of
the Company on development of near surface gas.
Consolidated financials statements with discussions and analysis of financials by
the management of the Company (MD&A) will be released at the website of the
Company www.tethyspetroleum.com and SEDAR website www.sedar.com.
For further information, please, contact:
Sabin Rossi
Vice-President on Investor Relations
Tethys Petroleum Limited
TD Canada Trust Tower
161 Bay Street, 27th Floor
Toronto N5J 2S1 Canada
Office: 1-416-572-2065
Fax: 1-416-572-2201
Cell: 1-617-669-1841
E-mail: info@tethyspetroleum.com
Website: www.tethyspetroleum.com
Kazakhstan
Ardak Akanov
Managing Director
PG Communications
Almaty, Samal-2, Satti Business Center
Tel/fax: 2 72 88 67, 2 72 82 37, 2 72 77 45
E-mail: development@pressclub.kz
Quotation end
The full version of the Tethys Petroleum Limited press release is available at the
KASE website at:
http://www.kase.kz/emitters/scan/gg_tpl_/gg_tpl_reliz_200808.pdf
[2008-08-20]