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Tethys Oil: Valuation lowered on soft production - ABG

Q3 EBITDA of USD 16.4m, in line with ABGSCe
But soft production lowers estimates
Fair value range revised to SEK 40-75 (45-85)


Q3 numbers in line with ABGSCe

Tethys Oil reported Q3'23 numbers in line with our expectations. EBITDA of USD 16.4m was 6% above ABGSCe at USD 15.4m. The beat was explained by slightly lower-than-expected opex, as production, sold volumes and realised prices were preannounced. FCF of USD -6.1m (SEK -2.0/sh) was in line with ABGSCe of USD -5.2m (SEK -1.7/sh), and negatively affected by WC movements compared to Q2.
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