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Tethys Oil: Spending remains high in '23 - ABG

Q4 report broadly in line
'23 outlook somewhat soft, increased spending
P/NAV of 0.59x, discounts Brent at USD 54/bbl


Q4 report broadly in line

Tethys oil reported Q4'22 numbers broadly in line with our estimates. Revenue of USD 43.2m was in line with ABGSCe of USD 43.5m and consensus at USD 43.8m. EBITDA was USD 27.8m vs. ABGSCe at USD 29.9m and cons at USD 29.5m. FCF was USD 0.4m vs. ABGSCe at USD 10.3m. The deviations are due to WC effects and higher capex of USD 24.6 (ABGSCe USD 20m).
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