Flush with $48m (£31m) in net cash stemming from a major joint venture agreement in Tajikistan with France's Total and China National Petroleum Corp (CNPC), Tethys Petroleum (TPL) is eagerly turning its attention toward Kazakhstan.
IC TIP:
Buy
at
41p
Tethys recently accelerated its work program there to include two deep exploration wells near the Doris oil discovery, which is now in production. The company will also drill five shallow gas wells back-to-back in the first quarter of 2014. Tethys' Kazakhstan operations generated $10.7m in cash profits in the first half of 2013. Administrative expenses chewed up $9.6m of that, though, and after taking into account depreciation and amortisation, the company recorded a net loss of $1.6m for the period.
