Q3 2024 Tethys Oil AB Earnings Call Transcript
Key Points
- Tethys Oil AB (FRA:TZB0) reported a stable revenue of $30.8 million for Q3, consistent with the previous quarter.
- The company saw an increase in production from blocks 3 and 4, marking the first quarterly increase in years.
- Tethys Oil AB is close to obtaining a Field Development Plan (FDP) for block 56, which could enhance future production.
- The company received a public offer from Rock Oil of Australia, representing a significant premium of 89.5% over the share price.
- Exploration activities in block 58 have shown promising results with multiple fractures found, indicating potential for future oil production.
- Cash from operations decreased from $19.9 million in the previous quarter to $15.4 million in Q3.
- The company experienced a negative free cash flow of $9 million during the quarter.
- There is uncertainty surrounding the FDP approval for block 56, which has been delayed.
- The acceptance period for Rock Oil's offer is tight, potentially limiting shareholders' ability to make informed decisions based on ongoing exploration results.
- Operational challenges were encountered during drilling in block 58, including drilling blind due to fractures, which could impact timelines and outcomes.
Good morning, everyone and welcome to yet another earning quarterly earnings call with Tethys Oil AB one that could possibly be our last in the public environment.
We have had quite an exciting quarter, possibly one of the most exciting quarters since the company public in 2004.
We have drilled an exploration well that we have been waiting for a long time to get off the ground.
We are hopefully very close to getting an FDP for our operating block 56 and we have received a public offer from Rock Oil of Australia for all the outstanding shares of tether.
Not bad for a third quarter, I do say so this could very well if the rock oil of Australia offer is accepted by shareholders. And I believe the first date for the acceptance period to end has been advised to be the 2nd of December. This could very well mean that this is our final quarterly report as a public company, but of course, we don't know what our shareholders are going to do. And while we continue to be a public company, we of course, strive to create value
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