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Press Release: Tethys Petroleum Press Release: -3-

3 Apr 2017 6:00 am
                                         10,370      8,076 
 
Total assets                            159,904    190,595 
------------------------------------  ---------  --------- 
 
Non-current liabilities 
Trade and other payables                     44        133 
Financial liabilities - borrowings            -     22,873 
Deferred tax                             11,913     10,792 
Provisions                                  910        846 
------------------------------------  ---------  --------- 
                                         12,867     34,644 
Current liabilities 
Financial liabilities - borrowings       33,249      9,159 
Derivative financial instruments              -        275 
Current taxation                            522        398 
Trade and other payables                 19,838     14,189 
Provisions                                  200        360 
------------------------------------  ---------  --------- 
                                         53,809     24,381 
 
Total liabilities                        66,676     59,025 
 
Equity 
Share capital                             5,081     33,696 
Share premium                           358,444    321,803 
Other reserves                           43,648     43,166 
Accumulated deficit                   (320,041)  (273,189) 
Non-controlling interest                  6,096      6,094 
------------------------------------  ---------  --------- 
Total equity                             93,228    131,570 
 
Total equity and liabilities            159,904    190,595 
------------------------------------  ---------  --------- 
 
 
 
Tethys Petroleum Limited 
Consolidated Statements of Comprehensive Income 
(Loss) 
(in thousands of US dollars except per share 
information) 
                                                       2016      2015 
----------------------------------------------------  -------   ------- 
 
Sales and other revenues                               11,734    22,135 
 
Sales expenses                                         (2,443)   (4,210) 
Production expenses                                    (5,285)  (10,232) 
Depreciation, depletion and amortisation               (9,971)  (28,731) 
Exploration and evaluation expenditure written off    (25,627)  (25,918) 
Impairment charges                                     (1,176)        - 
Administrative expenses                                (5,461)   (9,492) 
Restructuring costs                                    (1,915)   (3,247) 
Transaction costs of assets held for sale                   -    (1,065) 
Share based payments                                     (482)     (450) 
Profit on sale of fixed assets                              -        53 
Foreign exchange gain/(loss)                              117    (1,715) 
Fair value gain on derivative financial instrument        275       824 
Loss from jointly controlled entity                         -    (2,796) 
Finance costs                                          (5,313)   (3,329) 
----------------------------------------------------  -------   ------- 
                                                      (57,281)  (90,308) 
 
Loss before tax from continuing operations            (45,547)  (68,173) 
 
Taxation                                               (1,303)   (6,430) 
----------------------------------------------------  -------   ------- 
Loss for the year from continuing operations          (46,850)  (74,603) 
 
Loss for the year from discontinued operations net 
 of tax                                                     -       (28) 
 
Loss and total comprehensive income for the year      (46,850)  (74,631) 
 
Loss and total comprehensive income attributable to: 
Shareholders                                          (46,852)  (74,629) 
Non-controlling interest                                    2        (2) 
 
Loss and total comprehensive income for the year      (46,850)  (74,631) 
----------------------------------------------------  -------   ------- 
 
Loss per share attributable to shareholders: 
Basic and diluted - from continuing operations (USD)    (0.12)    (0.22) 
Basic and diluted - from discontinued operations            -         - 
 (USD) 
 
 
 
 
Tethys Petroleum Limited 
Consolidated Statements of Cash Flows 
(in thousands of US dollars) 
                                                     2016      2015 
--------------------------------------------------  -------   ------- 
 
Cash flow from operating activities 
Loss before tax from continuing operations          (45,547)  (68,173) 
Loss before tax from discontinued operations              -       (28) 
--------------------------------------------------  -------   ------- 
                                                    (45,547)  (68,201) 
Adjustments for: 
 Share based payments                                   482       450 
 Net finance cost                                     5,313     3,329 
 Depreciation, depletion and amortisation             9,971    28,731 
 Unsuccessful exploration and evaluation 
  expenditures                                       25,627    25,918 
 Impairment charges                                   1,176         - 
 Profit on sale of fixed assets                           -       (53) 
 Fair value gain on derivative financial 
  instruments                                          (275)     (824) 
 Net unrealised foreign exchange gain                  (318)     (114) 
 Loss from jointly controlled entity                      -     2,796 
 Movement in provisions                              (1,901)   (4,646) 
 Net change in working capital                        1,249       752 
 -------------------------------------------------  -------   ------- 
Cash used in operating activities                    (4,223)  (11,862) 
Corporation tax paid                                    (33)     (136) 
--------------------------------------------------  -------   ------- 
Net cash used in operating activities                (4,256)  (11,998) 
 
 Cash flow from investing activities 
 Interest received                                        -       183 
 Expenditure on exploration and evaluation assets      (619)   (5,798) 
 Expenditure on property, plant and equipment          (789)   (2,495) 
 Proceeds from sale of fixed assets                      23       121 
 Movement in restricted cash                         (2,503)      214 
 Movement in advances to construction contractors       (47)      416 
 Movement in value added tax receivable                 650     1,284 
 Net change in working capital                          225    (1,275) 
 -------------------------------------------------  -------   ------- 
Net cash generated used in investing activities      (3,060)   (7,350) 
 
Cash flow from financing activities 
Proceeds from issuance of borrowings, net of issue 
 costs                                                7,930    28,107 
Repayment of borrowings                              (1,395)  (10,269) 
Interest paid on borrowings                          (3,369)   (1,448) 
Proceeds from issuance of equity                      1,400         - 
Movement in other non-current liabilities              (114)     (313) 
--------------------------------------------------  -------   ------- 
Net cash generated from financing activities          4,452    16,077 
 
Effects of exchange rate changes on cash and cash 
 equivalents                                             41     2,675 
--------------------------------------------------  -------   ------- 
Net decrease in cash and cash equivalents            (2,823)     (596) 
Cash and cash equivalents at beginning of the year    3,272     3,868 
Cash and cash equivalents at end of the year            449     3,272 
--------------------------------------------------  -------   ------- 
 

Tethys Petroleum

info@tethyspetroleum.com

http://www.tethyspetroleum.com

(END) Dow Jones Newswires

April 03, 2017 02:00 ET (06:00 GMT)
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