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Tethys Petroleum Press Release: 2017 Q3 Results

GRAND CAYMAN, CAYMAN ISLANDS -- (Marketwired) -- 11/14/17 -- Tethys Petroleum Limited ("Tethys" or "the Company") (TSX:TPL) today announced its results for the quarter ended September 30, 2017.

Q3 Financial Highlights

(all figures reported in USD unless stated otherwise. 2016 amounts are for the quarter ended September 30, 2016)

--  Oil and gas sales and other revenues decreased by 17% to USD2.6 million
    from USD3.1 million, however, net revenues increased by 43% to USD3.5
    million from USD2.5 million because there were no sales expenses in the
    current quarter and sales expenses which had been accrued for the period
    May to December 2016 were released during the current quarter. The
    previous gas marketing agreement was terminated in November 2016; 
--  Oil revenues increased by 221% due to higher production, which was up by
    149% to 170,024 bbls or 1,828 bopd following the installation of an
    Electrical Submersible Pump ("ESP") in early June 2017 and a higher oil
    price, up 12%; 
--  Gas revenues were 59% lower due to the combination of the natural
    decline in production of 16% and the reduced price, which was 30% lower;
--  The loss of USD2.9 million was lower than the Q3 2016 loss of USD4.0
    million due mainly to the lower sales expenses referred to above and
    lower production expenses, partly offset by a higher depreciation,
    depletion and amortisation charge; 
--  Adjusted EBITDA improved to USD1.7 million from negative USD0.8 million,
    mainly due to the lower sales expenses and production expenses, which
    more than offset the reduction in revenue. Administrative expenses were
    also significantly lower despite high legal costs; 
--  Total assets reduced by 20% to USD149.1 million as a result of the loss
    for the period and a full impairment of the Tajikistan asset taken in
    December 2016; 
--  Net debt remained unchanged between September 30, 2017 and September 30,
    2016 at USD32.3 million. 

Operational Highlights


--  Oil production in Q3 2017 averaged 1,848 bopd compared with 742 bopd in
    Q3 2016 reflecting enhanced production as a result of the installation
    of the ESP in early June 2017; 
--  Oil production cost per barrel in Q3 2017 reduced to USD4.16 compared
    with USD8.84 in Q3 2016 as a result of ongoing cost optimisation and
    deferral of some costs; 
--  Oil prices averaged USD7.66 per barrel in the quarter compared with
    USD6.84 in Q3 2016, an increase of 12%, reflecting better contract terms
    from the customer and a stronger Kazakhstan Tenge. 


--  Current quarter gross gas production averaged 1,767 boe/d (300 Mcm/d)
    compared with 2,106 boe/d (358 Mcm/d) in Q3 2016, reflecting a natural
    decline in overall production; 
--  Gas production cost per Mcm in the current quarter decreased to USD10.57
    compared with USD14.76 in Q3 2016 due to the timing of recognition of
    some costs and the decrease in gas production and would have been lower
    still but for some non-variable costs of production. Costs were also
    impacted when shown in USD due to the strengthening of the Kazakhstan
--  Gas was sold at a net price equivalent to USD42.95 per Mcm for the
    quarter compared with USD61.53 in Q3 2016 reflecting a decrease in the
    Tenge gas price received and the strengthening of the Tenge. 

Q3 Significant Events and Transactions

--  On July 28, 2017, the Company announced that because its shallow gas
    well drilling program had begun later than originally intended,
    discussions were underway to modify the programme. This would involve
    reducing the number of wells drilled in 2017 from 10 to 8, obtaining and
    interpreting new seismic then drilling the 2 wells not drilled in 2017
    in early 2018 based on the new data and adding 2-3 additional wells.
    This would result in a 4-5 well drilling program in 2018 with the
    intention of maintaining and improving shallow gas production on a
    continuing basis. 
    On September 28, 2017, the Company announced that it had signed
    contracts to build the pipeline to connect the new wells. The total
    contract value is approximately USD5 million and, like the drilling
    contract with Great Wall, the majority of payments are not due until
    2018 when the Company expects to be able to pay from increased
    production revenues.
    On October 25, 2017, the Company announced that Great Wall had completed
    drilling the fourth gas well and was preparing to commence drilling the
    fifth well. 
    Testing of the first two wells drilled, KYZ-111 and KYZ-110, has been
    completed and shows potential production rates of between 53 and 60
    Mcm/day on a 12mm choke indicating these should be successful commercial
    wells. Testing of the third well, AKK-23, is ongoing with preliminary
    results showing a potential production rate of approximately 60 Mcm/day
    on a 20mm choke.
    Whilst the program is ongoing, the Company is continually reviewing its
    plans and making revisions to them to achieve the optimal outcome and to
    reflect changes in circumstances.
--  On July 26, 2017, the Aktobe City Court (the "City Court") found in
    favour of Tethys Services Kazakhstan LLP ("TSK"), a wholly owned
    subsidiary of Tethys, in a proceeding brought by Alexander Skripka
    ("Skripka"). Skripka alleged that his employment agreement with TSK had
    been improperly terminated and that, among other things, he was entitled
    to reinstatement of his position with TSK and recovery of certain wages.
    The City Court found that the employment agreement had been properly
    terminated and that Skripka has no entitlement to further employment
    with TSK or to any recovery of wages; 
--  On August 8, 2017, Tethys commenced an action against RBK Bank seeking
    an order that it provide Tethys with access to records regarding the
    loan (the "RBK Loan") that it provided to EGG, and which is integral to
    the action Eurasia Gas Group LLP ("EGG") brought against the Company's
    wholly owned subsidiary Tethys Aral Gas LLP ("TAG"). TAG is seeking
    access to such records as it believes such records will support it in
    its appeal in the proceedings involving EGG and is awaiting the results
    of its action; 
--  On August 10, 2017, TAG filed an application for rehabilitation with the
    Special Economic Court of Aktobe Region (the "Rehabilitation Court").
    This followed a decision by the Court of Appeal in Almaty on August 2,
    2017 which found in favour of EGG in its appeal of the decision of the
    lower court made in Tethys' favour in February 2017 in relation to a
    lawsuit that arose in connection with a contract for oil sales between
    EGG and TAG dated 2012. The Rehabilitation Court denied the application
    for rehabilitation, however a new application was submitted and accepted
    for consideration by the Rehabilitation Court on November 1, 2017.
    As was the case with the first application, the new application is
    subject to review and approval by the Rehabilitation Court. Pending such
    review and approval, TAG will continue business as usual, provided that
    no creditor can take any adverse action against TAG in such review
    period, including EGG attempting to enforce the decision of the Court of
    Appeal in Almaty. In addition, TAG can, if circumstances change,
    withdraw its application for rehabilitation at any time;
--  On August 25, 2017, the Company announced that following the
    abovementioned announcement in relation to TAG's rehabilitation filing,
    Tethys was notified by the TSX that it was performing an expedited
    review of the eligibility criteria for the continued listing of the
    Company's ordinary shares on the TSX. 
    On September 1, 2017, the Company announced that following a detailed
    written submission by the Company and a meeting of the Continued Listing
    Committee of the TSX (the "Committee") held on August 31, 2017, which
    was attended by the Company's management and legal counsel, the TSX
    decided to allow the Company to retain its listing on the TSX subject to
    its Remedial Review Process. The Company was granted up to 120 days to
    comply with all requirements for continued listing, beginning August 24,
    2017. A further meeting of the Committee is scheduled to be held on
    Thursday, December 14, 2017 to review the position at that time. As
    suggested by the TSX, and as discussed below, subsequent to quarter end,
    the Company has commenced the process for applying to transfer the
    listing of its ordinary shares from the TSX to the TSX Venture Exchange;
--  Also on August 25, 2017, the Company announced the appointment of George
    Pool as its new General Director in Kazakhstan. George is a US national
    and a resident of Kazakhstan. Fluent in Russian, he has over 20 years'
    wide-ranging experience of the culture and business practices of the
    Former Soviet Union and Latin America having worked on projects in
    Kazakhstan, Russia, Uzbekistan, China, Panama, Ecuador, Europe and the
--  On September 28, 2017, the Company announced that TAG had been notified
    by the competent authority in Kazakhstan of its approval of the
    continuation of the Company's Akkulka Oil Field Pilot Production Project
    (the "Project") from January 1, 2018 to March 10, 2019. This period
    coincides with the related Akkulka Exploration Licence and Contract
    under which the Project is carried out. The approval of the Project
    allows TAG to continue to produce oil and sell it on the Kazakhstan
    internal market which it has done since January 2011. Oil is currently
    being produced from the AKD-01 well in the Akkulka area. The Company is
    evaluating investing in a gas utilization facility for flared gas which
    is a prerequisite to apply for a full production licence. This in turn
    would allow a proportion of oil production to be sold for export at a
    higher price than can be achieved on the internal market; 
--  Also on September 28, 2017, the Company announced that it acknowledged
    the Olisol Petroleum press release dated September 26, 2017 but did not
    intend to issue a response to each of the points raised since a number
    of them were incorrect or unclear. 

Significant events and transactions subsequent to the period end

--  On October 25, 2017, the Company announced that, as referred to above ,
    the TSX initiated a review of the eligibility criteria for the continued
    listing of the Company's ordinary shares on the TSX. At the same time
    the TSX encouraged the Company to consider its qualifications for a
    listing on the TSX Venture Exchange ("TSXV") or NEX, a subsidiary of
    TSXV, in order to ensure, to the extent possible, uninterrupted trading
    for the Company's ordinary shares. The Company has evaluated the costs
    and benefits of its listing on the TSX versus a possible listing on the
    TSXV and concluded that it would be prudent to pursue a listing on the
    TSXV given the Company's current stage of development. The Company has
    therefore submitted an application to move its listing from the TSX to
    the TSXV under the TSXV's streamlined application process and is hoping
    to complete the process before the end of the year. In the event that
    the Company does not meet the TSXV's continued listing requirements for
    any reason in the future it remains open to the Company to step down to
    NEX, which would continue to provide a marketplace for trading in the
    Company's ordinary shares; 
--  Also on October 25, 2017, the Company announced that the illegal actions
    being taken against the Company by Olisol Petroleum Limited, its
    affiliate EGG and EGG's private bailiff (together "Olisol") which the
    Company had previously announced on September 28, 2017 were
    unfortunately continuing and having an adverse financial impact on the
    Company and its business which could potentially put its operations in
    jeopardy. Despite the Ministry of Justice of the Republic of Kazakhstan
    ("RoK") notifying the Company that the actions of the bailiff were
    illegal under RoK law and it had suspended the bailiff's licence to
    operate, Olisol has continued to attempt to disrupt the Company's oil
    deliveries by sending bailiffs and security personnel to the field. 
    In addition, payments to the Company for its gas sales have been delayed
    whilst the Company works to reverse the actions of the bailiff which
    included writing to the Company's oil and gas buyers and local
    refineries seeking to divert payments for the benefit of EGG. As a
    consequence of delayed gas payments, the Company has not been able to
    make certain scheduled payments on time, including its monthly payments
    to the secured rig loan lenders which were due on September 30 and
    October 31. 
    The Company and its legal advisers are also in active discussions with
    its customers to provide them with the legal assurances they require in
    order to release payments to the Company given the correspondence from
    the bailiff. In the meantime, the Company is continuing to produce and
    deliver oil and gas and these operations have continued uninterrupted,
    despite the difficulties referred to above
--  On November 6, 2017, Addition #9 to the Company's Kul- bas Exploration &
    Production Contract was signed which is the final stage in the extension
    of the contract until November 2019. This contract area contains the
    KBD02 ("Klymene") prospect which has the potential to be an order of
    magnitude bigger than the Company's Doris oil discovery and surrounding
    prospects (the geographical area of the prospect is up to ten times the
    areal extent of the Doris oil field). 
--  On November 14, 2017, the Company signed agreements to sell its two
    drilling rigs and related equipment. The sale proceeds are due to be
    paid prior to delivery of the rigs to the buyer and will be applied in
    first priority to immediately repay the related rig loans in full, ahead
    of the contractual loan maturity dates. Completion of the sale is
    anticipated to take place in December. 

The full Q3 results, together with Management's Discussion and Analysis, have been filed with the Canadian securities regulatory authorities. Copies of the filed documents may be obtained via SEDAR at www.sedar.com or on the Tethys website at www.tethyspetroleum.com. The summary financial statements are attached to this press release.

The Company's Q3 2017 financial statements are prepared under International Financial Reporting Standards (IFRS).

Adjusted EBITDA and Net debt shown in this press release do not have any standardised meaning as prescribed under IFRS and, therefore, are considered non-GAAP measures. Further details on these items is provided in Management's Discussion and Analysis.

A barrel of oil equivalent ("boe") conversion ratio of 6,000 cubic feet (169.9 cubic metres) of natural gas = 1 barrel of oil has been used and is based on the standard energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.


Some of the statements in this document are forward-looking. Forward-looking statements include statements regarding the intent, belief and current expectations of the Company or its officers with respect to the potential that exists in both exploration and in discovered deposits in Central Asia and the Caspian Region, the cost, timing, payment for and outcome of the shallow gas well drilling program and the possibility of further changes to the program from unforeseen circumstances, the outcome of legal proceedings with EGG, Olisol and RBK Bank, whether the Rehabilitation Court will accept TAG's application for rehabilitation and whether TAG will withdraw its application for rehabilitation at some future time, the outcome of the TSX's Remedial Review Process and whether uninterrupted trading in the Company's shares will be possible, whether the Company's application to move its listing to the TSXV will be approved, whether the Company will be able to secure payment for its overdue gas sales receivables and whether the illegal actions of Olisol and its bailiff will continue and potentially put the Company's operations in jeopardy, the potential of the Klymene prospect and whether the rig sales will complete in December as anticipated. When used in this document, the words "expects," "believes," "anticipates," "plans," "may," "will," "should" and similar expressions, and the negatives thereof, are intended to identify forward-looking statements. Such statements are not promises or guarantees, and are subject to risks and uncertainties that could cause actual outcomes to differ materially from those suggested by any such statements including risks and uncertainties with respect to the potential that exists in both exploration and in discovered deposits in Central Asia and the Caspian Region, the cost, timing, payment for and outcome of the shallow gas well drilling program and the possibility of further changes to the program from unforeseen circumstances, the outcome of legal proceedings with EGG, Olisol and RBK Bank, whether the Rehabilitation Court will accept TAG's application for rehabilitation and whether TAG will withdraw its application for rehabilitation at some future time, the outcome of the TSX's Remedial Review Process and whether uninterrupted trading in the Company's shares will be possible, whether the Company's application to move its listing to the TSXV will be approved, whether the Company will be able to secure payment for its overdue gas sales receivables and whether the illegal actions of Olisol and its bailiff will continue and potentially put the Company's operations in jeopardy, the potential of the Klymene prospect and whether the rig sales will complete in December as anticipated.

No part of this announcement constitutes, or shall be taken to constitute, an invitation or inducement to invest in the Company or any other entity, and shareholders of the Company are cautioned not to place undue reliance on the forward-looking statements. Save as required by applicable law, the Company does not undertake to update or change any forward-looking statements to reflect events occurring after the date of this announcement.

See our Annual Information Form for the year ended December 31, 2016 for a description of risks and uncertainties relevant to our business, including our exploration activities.

See also notes 10 and 14 of our September 30, 2017 Condensed Consolidated Interim Financial Statements for the status of loan restructuring and an update on litigations, claims and assessments involving the Company and its subsidiaries.

About Tethys

Tethys is focused on oil and gas exploration and production activities in Central Asia and the Caspian Region. This highly prolific oil and gas area is rapidly developing and Tethys believes that significant potential exists in both exploration and in discovered deposits.

Tethys Petroleum Limited                                                    
Consolidated Statement of Financial Position (unaudited)                    
(in thousands of US dollars)                                                
                                                          As at             
                                                   September       December 
                                                    30, 2017       31, 2016 
Non-current assets                                                          
Intangible assets                                     42,893         42,732 
Property, plant and equipment                         97,079        103,115 
Restricted cash                                          166          2,238 
Investment in joint arrangements                           4              4 
Trade and other receivables                            1,568          1,237 
Deferred tax                                              95            208 
                                                     141,805        149,534 
Current assets                                                              
Cash and cash equivalents                                186            449 
Trade and other receivables                            6,517          6,532 
Inventories                                              562            676 
Restricted cash                                            6          2,713 
                                                       7,271         10,370 
Total assets                                         149,076        159,904 
Non-current liabilities                                                     
Trade and other payables                                   -             44 
Financial liabilities - borrowings                     5,808              - 
Deferred tax                                          11,246         11,913 
Provisions                                               997            910 
                                                      18,051         12,867 
Current liabilities                                                         
Financial liabilities - borrowings                    26,712         33,249 
Current taxation                                         560            522 
Trade and other payables                              21,515         19,838 
Provisions                                                26            200 
                                                      48,813         53,809 
Total liabilities                                     66,864         66,676 
Share capital                                          5,081          5,081 
Share premium                                        358,444        358,444 
Other reserves                                        43,806         43,648 
Accumulated deficit                                 (331,215)      (320,041)
Non-controlling interest                               6,096          6,096 
Total equity                                          82,212         93,228 
Total equity and liabilities                         149,076        159,904 
Tethys Petroleum Limited                                                    
Consolidated Statements of Comprehensive Income (Loss) (unaudited)          
(in thousands of US dollars except per share information)                   
                                       Three months         Nine months     
                                     ended September 30  ended September 30 
                                         2017      2016      2017      2016 
Sales and other revenues                2,593     3,119     5,928    10,103 
Sales expenses                            919      (665)      919    (2,132)
Production expenses                    (1,004)   (1,979)   (3,112)   (4,503)
Depreciation, depletion and            (3,155)   (2,473)   (8,225)   (8,256)
Administrative expenses                (1,043)   (1,354)   (3,606)   (4,379)
Restructuring costs                         -        23      (104)   (1,400)
Share based payments                      (51)      (20)     (158)     (183)
Profit on sale of fixed assets              -         -         -        10 
Foreign exchange (loss)/gain              262        20        91       141 
Fair value gain on derivative               -         4         -       275 
 financial instrument                                                       
Finance costs                          (1,322)     (893)   (3,402)   (4,835)
                                       (5,394)   (7,337)  (17,597)  (25,262)
Loss before tax from continuing        (2,801)   (4,218)  (11,669)  (15,159)
Taxation                                  (78)      182       495       512 
Loss from continuing operations and    (2,879)   (4,036)  (11,174)  (14,647)
 total comprehensive income                                                 
Loss and total comprehensive income                                         
 attributable to:                                                           
Shareholders                           (2,879)   (4,196)  (11,174)  (14,649)
Non-controlling interest                    -       160         -         2 
Loss and total comprehensive income    (2,879)   (4,036)  (11,174)  (14,647)
 for the year                                                               
Loss per share attributable to                                              
Basic and diluted - from continuing     (0.01)    (0.01)    (0.02)    (0.04)
 operations (USD)                                                           
Tethys Petroleum Limited                                                    
Consolidated Statements of Cash Flows (unaudited)                           
(in thousands of US dollars)                                                
                                       Three months         Nine months     
                                     ended September 30  ended September 30 
                                         2017      2016      2017      2016 
Cash flow from operating activities                                         
Loss before tax from continuing        (2,801)   (4,218)  (11,669)  (15,159)
Adjustments for:                                                            
  Share based payments                     51        20       158       183 
  Net finance cost                      1,322       893     3,402     4,835 
  Depreciation, depletion and           3,155     2,473     8,225     8,256 
  Profit on sale of fixed assets            -         -         -       (10)
  Fair value gain on derivative             -        (4)        -      (274)
   financial instruments                                                    
  Net unrealised foreign exchange          32       109        99      (246)
  Movement in provisions                   (3)     (100)     (278)   (1,736)
  Net change in working capital        (2,115)     (883)      416    (1,099)
Cash (used in)/generated from            (359)   (1,710)      353    (5,250)
 operating activities                                                       
Corporation tax paid                       (4)       (7)      (22)      (28)
Net cash (used in)/generated from        (363)   (1,717)      331    (5,278)
 operating activities                                                       
Cash flow from investing activities                                         
  Expenditure on exploration and          (57)      (90)     (161)     (545)
   evaluation assets                                                        
  Expenditure on property, plant and     (408)     (228)   (1,412)     (509)
  Proceeds from sale of fixed assets        -         -         -        33 
  Movement in restricted cash           1,991        (2)    4,779       146 
  Movement in advances to                  96       193        96        (6)
   construction contractors                                                 
  Movement in value added tax             433       131       391       559 
  Net change in working capital           161       200       (67)      239 
Net cash generated from/(used in)       2,216       204     3,626       (83)
 investing activities                                                       
Cash flow from financing activities                                         
Proceeds from issuance of                   -     4,430         -     7,930 
 borrowings, net of issue costs                                             
Repayment of borrowings                (2,079)     (715)   (2,823)   (1,289)
Interest paid on borrowings               (61)     (903)     (815)   (2,616)
Movement in other non-current             (22)      (22)      (43)      (90)
Net cash (used in)/generated from      (2,162)    2,790    (3,681)    3,935 
 financing activities                                                       
Effects of exchange rate changes on      (322)     (177)     (539)      (46)
 cash and cash equivalents                                                  
Net decrease in cash and cash            (631)    1,100      (263)   (1,472)
Cash and cash equivalents at              817       700       449     3,272 
 beginning of the year                                                      
Cash and cash equivalents at end of       186     1,800       186     1,800 
 the year                                                                   

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