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Tethys Oil: Strong end to the year - ABG

Q4 report due on Tuesday, February 7
Looking ahead to 2023
P/NAV 0.63x, discounts Brent at USD 53/bbl


Q4e EBITDA of USD 29.9m

Tethys has preannounced its Q4 production numbers, which were in line with our expectations. Q4 net production was 9.44kboe/d vs ABGSCe of 9.73kboe/d, resulting in FY'22 production of 9.94kboe/d, in line with guidance at 10.0kboe/d. However, net entitlement was particularly strong in Q4 at 5,082boe/d, ~22% above our estimate of 4,165boe/d. The realised oil price in the period of USD 93.3 was lower than our previous estimate (USD 108/bbl), but due to the strong net entitlement, the net effect on the Q4 numbers are positive. We now forecast Q4 net revenues of USD 43.5m and EBITDA of USD 29.9m. There is no available Factset consensus estimates.
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