Central Asia-focused Tethys Petroleum narrowed its financial loss in the first quarter as a big boost in revenues was enough to offset higher capital expenditure. The Toronto-listed company posted a net loss of $6.3 million in the first three months of 2011, compared with $8 million a year earlier. Revenues rose by 112% to $4.48 million as the company began oil sales from its Doris discovery in Kazakhstan under a pilot production scheme, as well as gas sales from the Akkulka field (IOD Sep.20,p8). Tethys expects revenues to skyrocket with the launch of commercial production of some 3,000-4,000 b/d from Doris this quarter.
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