Tethys’ 2010 revenues climb 72%, but losses widen
Central Asia-focused oil and gas company Tethys Petroleum (TSE:TPL) reported Monday its 2010 revenues rose 72%, but losses widened as operating costs more than doubled.
Revenues for 2010 were $14.8 million, up from $8.6 million. Operating costs, however, rose even faster, increasing to $7.08 million from $3.4 million in 2009.
As a result, the company reported a net loss for 2010 of $29.65 million, or 15 cents per diluted share, from a net loss of $21.72 million, or 20 cents per diluted share, in the year before.
Capital expenditures during the year rose to $38.29 million from $32.29 million in 2009, excluding expenditures for the company's joint venture in Tajikistan.
At year-end, the company had $79 million of cash, and current liabilities of $16.7 million.
In its 2010 operational update, the company said it has completed a 3D seismic survey interpretation for its Doris oil discovery in Kazakhstan and has started drilling on the AKD04 and AKD05 wells, the first to be drilled based on the new survey.
Tethys also said drilling of the KOM201 well in Tajikistan is still continuing, with results expected in the second quarter. In addition, the NUR96 well in Uzbekistan recently tested at over 1,100 barrels of oil per day.
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