Tethys Petroleum Limited, listed on the TSX Venture Exchange as TSXV: TPL and OTC as TETHF, has released an important update regarding its activities in the Republic of Kazakhstan. The company has recently achieved significant milestones that bolster its operational capabilities in the region, particularly concerning the Kul-Bas oil field.
One of the most notable developments is the approval from the Ministry of Energy of Kazakhstan, allowing the transition of the Kul-Bas oil field into a Production Period that extends for a significant duration. This decision ensures that Tethys can maintain oil production beyond the current preparatory phase. The next action involves signing an Addendum to the existing contract for subsoil use, reflecting the newly approved terms, with expectations to finalize this agreement shortly.
Operational advancements in Kul-Bas oil field
Recently, Tethys reported an average oil production of approximately 425 tons per day from key wells, namely KBD-02, KBD-06, and KBD-07. Production levels have shown variability as the company continues to optimize its surface facilities. Currently, enhancements are underway on one of the gas turbines, with hopes that its return to service will yield higher production rates. Additionally, the commissioning of a new gas compressor is in progress, which is anticipated to boost overall output once operational.
Modernizing infrastructure and facilities
Improvements to the infrastructure at the Kul-Bas oil field are also advancing. The design and construction of the field camp, alongside oil processing and storage facilities at the Central Processing Facility, are actively being developed. Furthermore, efforts are being made to establish a new Gas Processing Facility and an 18-kilometer gas pipeline. With regards to gas production, Tethys is currently extracting around 230,000 m³ of natural gas per day from 21 wells in the Kyzyloi and Akkulka gas fields.
Extending the Akkulka gas field contract
In addition to advancements in the Kul-Bas oil field, Tethys has submitted a request to the Ministry of Energy seeking an extension of the Subsoil Use Contract for the Akkulka gas field. This contract is proposed to be extended for a longer duration. The company anticipates receiving approval soon, with the signing of the related addendum expected shortly thereafter, contingent upon the completion of necessary procedures.
Voluntary delisting from the Kazakhstan Stock Exchange
In a strategic move to streamline its operations, Tethys Petroleum’s Board of Directors has decided to pursue a voluntary delisting of its shares from the Kazakhstan Stock Exchange (KASE). This decision is driven by the lack of significant trading activity over an extended period, leading the Board to conclude that maintaining a secondary listing on KASE does not provide meaningful benefits to its shareholders. The primary trading market for Tethys remains the TSX Venture Exchange.
About Tethys Petroleum
Tethys Petroleum Limited focuses on the exploration and production of oil and gas in Central Asia, with significant operations in Kazakhstan. The company is dedicated to developing and producing hydrocarbons from its key assets, including the Kul-Bas oil field and the Kyzyloi and Akkulka gas fields.
Disclaimer: This update contains forward-looking statements. Investors should not place undue reliance on these projections, as they are subject to change based on future events. The company does not commit to updating these statements unless required by law.
Contact Information:
Tethys Petroleum
Casey McCandless
Chief Financial Officer
Phone: 901-763-4001
info@tethys-group.com
www.tethys-group.com