Tethys Oil’s director: “Spark Is Back in Oil Industry”
According to Tethys Oil’s managing director Magnus Nordin, the Swedish oil company is strong and proposes an extra dividend through redemption.
The Swedish Oil sector is not in crisis and the ‘spark’ seems to be back, according to Tethys Oil’s managing director Magnus Nordin. “2017 turned out to be very successful and offers great promise for the future,” he added.
In his last statement Nordin said that the company has registered increased revenues in the fourth quarter and full year of 2017, compared to the corresponding periods in 2016. To be more precise, Tethys registered revenues of $30.1 million in 4Q 2017 and $119.3 million for the full year, compared to revenues of $20.7 million and $87.1 million in 4Q 2016 and full year 2016, respectively.
The Swedish oil company is very active in Oman where discovered ‘significant’ amounts of oil in new structures near its producing fields in Blocks 3&4 last year. The Erfan, Ulfa and Samah discoveries are all currently undergoing long term production tests and have added more than 17 million barrels of 2C contingent resources to Tethys. In Oman Tethys holds 2 reserves of 21 mmbo and has oil production of about 12,000 barrels per day from Blocks 3&4. Tethys Oil also has onshore exploration licences in Lithuania and France and some production in Lithuania.
With those amazing results the board of Tethys Oil has proposed a regular dividend of SEK 2:00 per share and an “extraordinary capital transfer” of SEK 4.00 per share via redemption. The ordinary dividend, which was 1:00 crown per share last year, will be paid in two instalments: in May and November 2018 respectively. The dividend proposal is made “in light of Tethys Oil’s strong operational and financial position” and the additional dividend is “in accordance with Tethys Oil’s long-term capital structure goals”, writes the company’s CEO Magnus Nordin in the CEO’s report. Tethys had a net cash of $ 42 million at the end of the fourth quarter.
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