Tethys Oil trebles net profits

Profitable patch: Tethys Oil boosts fortunes with Omani assets

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Bill Lehane

 12 February 2013 09:35 GMT

Swedish explorer reaps revenues from production ramp-up at Omani assets

Sweden’s Tethys Oil has more than tripled its profits to Skr 69 million ($10.79 million) in 2012, thanks to ramping up revenues with boosted production in Oman.

Net sales revenues over 2012 were up some 460% to Skr 584 million ($91.32 million) for the explorer as it began to reap the benefit of its Omani assets, now yielding 3677 barrels of oil per day net.

For the final quarter, net sales of Skr 170 million ($26.58 million) yielded a near-trebling of net profits to Skr 145 million from the year ago’s Skr 44…

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