Steady performance in Q1'23e
Tethys Oil pre-announced its production numbers for Q1, which showed a steady performance, in line with our expectations. Net production was 9.4kboe/d vs. ABGSCe of 9.45kboe/d, and the net entitlement was 4.89kboe/d, in line with ABGSCe of 4.91kboe/d. We make no underlying estimate changes ahead of the quarter and forecast net revenues of USD 36m and EBITDA of USD 21.2m. There is no available consensus. We do not expect any changes to the outlook or guidance in the Q1 report, but we think that news on the planned production tests at Al Jumbd will be a focus area for the market. The metering station for the tests was announced to be commissioned on 5 April, and we expect the production tests to start shortly after.
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