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Tethys posts rise in profit

Swedish player profits on higher output

Sweden’s Tethys Oil saw profits increase in the second quarter of 2019 as revenue rose along with production.

The company posted a profit of $17.3 million for the three months to 30 June, an improvement on last year’s $15 million second quarter net profit.

This came as quarterly revenue rose from $41.3 million a year ago to $36.4 million in the recent quarter as net output, before government take, rose from 11,733 barrels per day to 12,881 bpd

“These figures demonstrate the robustness of our core Omani asset, Blocks 3 and 4, and shows that our prior investment in the asset is bearing fruit,” Tethys managing director Magnus Nordin said in a letter to shareholders on Tuesday.

He added that the company was also continuing to high-grade its lead inventory in Blocks 3 and 4, with the company awaiting the results of the Yusr-1 exploration well and it has plans for a further two wells before the end of the year.

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