We estimate that Tethys Oil discounts a Brent oil price around USD 47/bbl (P/NAV of 1.0x at 12% WACC) with a strong balance sheet with SEK 17/sh in net cash at YE’21e. Our SOTP reflects reserves and resources identified, although in this context it is important to keep in mind that Tethys has been successful in growing 2P reserves every year since 2011.
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