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Tethys Petroleum Limited, which trades under the ticker symbols TSXV: TPL and OTC:TETHF, is excited to share the latest developments regarding its operations in the Republic of Kazakhstan. The company continues to make strides in optimizing its production capabilities and securing necessary approvals for its projects.
Table of Contents:
Advancements in the Kul-Bas oil field
The Ministry of Energy in Kazakhstan issued a crucial approval for transitioning the Kul-Bas oil field into its designated production phase, extending through to July 2048.
This endorsement marks a significant achievement for Tethys as it guarantees ongoing production operations well beyond the current preparatory period, set to conclude in July. The next vital step for the company is to finalize an addendum to the existing subsoil use contract for the Kul-Bas field, which is anticipated to be executed pending the completion of requisite formalities.
Current production status
Oil extraction from wells KBD-02, KBD-06, and KBD-07 reached an average of approximately 425 tons per day. These production figures have experienced fluctuations due to ongoing enhancements in the surface facilities. Currently, maintenance is being conducted on one of the gas turbines, which is expected to boost production levels once it is operational again. Additionally, commissioning activities for a new gas compressor are in progress, with anticipated improvements in production capacity if successful.
Furthermore, the design and construction of essential infrastructure, including the field camp and oil processing and storage facilities at the Central Processing Facility, are advancing. Plans for a new gas processing facility and an 18-kilometer gas pipeline are also underway. Concurrently, natural gas production from the Kyzyloi and Akkulka gas fields averages around 230,000 m³ per day, sourced from 21 operational gas wells.
Extension of the Akkulka gas field contract
Tethys Petroleum has formally applied to the Ministry of Energy for an extension of its subsoil use contract concerning the Akkulka gas field, aiming to prolong it until December, effectively extending the current agreement that is set to expire in December. The company anticipates receiving the necessary approval soon, followed by the signing of the contractual addendum, contingent on completing the required processes.
Strategic decisions regarding stock exchange listings
In a significant corporate move, Tethys Petroleum’s Board of Directors has resolved to proceed with a voluntary delisting of its securities from the Kazakhstan Stock Exchange (KASE). This decision was made following an evaluation of trading activity on the exchange, which has been minimal over an extended period. The Board concluded that maintaining a secondary listing on KASE does not offer substantial benefits to the shareholders. The company’s primary focus remains on its listing and trading activities on the TSX Venture Exchange (TSXV).
About Tethys Petroleum
Tethys Petroleum is dedicated to exploration and production in the oil and gas sector, particularly within the Central Asian region. The company is committed to advancing its projects while ensuring compliance with regulatory requirements and operational excellence.
Disclaimer
It is important to note that certain statements within this document may be forward-looking. This announcement does not serve as an invitation or encouragement to invest in Tethys Petroleum or any affiliated entity, and shareholders are advised to exercise caution in placing reliance on these forward-looking statements. Unless mandated by applicable legislation, Tethys does not commit to updating or amending any such statements following the date of this release.
The TSX Venture Exchange and its Regulation Services Provider accept no responsibility for the adequacy or accuracy of this information.
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