We expect Tethys Oil to announce steady progress on its new growth initiatives, with drilling on Block 56 starting in Q4’21. Blocks 3&4 remain the main focus for the company, and production is hovering around expected levels.
Discounts oil around USD 50/bbl
We estimate that Tethys Oil discounts a Brent oil price around USD 50/bbl (P/NAV of 1.0x at 12% WACC), with a strong balance sheet of SEK 17/sh 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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