Q1 report as expected, guidance reiterated
Tethys Oil's Q1'23 report brought no big surprises, as production, sold volumes and realised prices were preannounced. Revenues of USD 35.3m were in line with ABGSCe at USD 36m. EBITDA was USD 19m, slightly lower than ABGSCe at USD 21m due to somewhat higher opex. Seasonally, Q1 is the quarter with the highest opex for Tethys and Q1'23 also included some one-off costs. Consequently, we do not evaluate Q1 to be representative for the remainder of '23. The company made no changes to guidance in the Q1 report.
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