Tethys Petroleum Limited (TSXV: TPL, OTC:TETHF) has recently shared an important update regarding its operations within the Republic of Kazakhstan. The company is on a promising path as it transitions into a new phase of production at the Kul-Bas oil field, among other significant developments.
Transition to Production Period for Kul-Bas Oil Field
In a crucial development, the Ministry of Energy of Kazakhstan granted approval for Tethys to officially transition the Kul-Bas oil field into the Production Period lasting until July 27, 2048.
This pivotal milestone ensures that production will continue past the end of the current preparatory period in July. The next step involves formalizing this approval by signing an Addendum to the Kul-Bas subsoil use contract, which Tethys anticipates will be completed by the close of January, pending the necessary procedural requirements.
Production and Operational Developments
In December, oil extraction from wells KBD-02, KBD-06, and KBD-07 has averaged around 425 tons daily. This figure reflects ongoing efforts to optimize surface facilities, with the company currently working on one of the gas turbines, expected to enhance production levels when it is back in operation. Additionally, commissioning activities for a new gas compressor are progressing, which, if successful, will augment production capacity. The design and construction of the field camp, alongside enhancements to the oil processing and storage facilities at the Central Processing Facility, are also underway. Plans to develop a Gas Processing Facility and an 18-kilometer gas pipeline are advancing steadily. Moreover, natural gas production from the Kyzyloi and Akkulka Gas Fields has reached approximately 230,000 m³ per day, sourced from 21 active gas wells.
Extension of Akkulka Gas Field Subsoil Use Contract
Tethys has taken proactive steps to secure the future of its operations by submitting a request to the Ministry of Energy to extend the subsoil use contract for the Akkulka Gas Field until December, an extension from the current expiration date in December. Approval is anticipated soon, with the signing of a corresponding Addendum expected shortly thereafter, again subject to required formalities.
Voluntary Delisting from Kazakhstan Stock Exchange
The Board of Directors at Tethys Petroleum Limited has made the decision to pursue a voluntary delisting of the company’s shares from the Kazakhstan Stock Exchange (KASE). This decision follows the submission of a formal application for delisting, as the Board concluded that the lack of significant trading activity on KASE over an extended period diminishes the benefits of maintaining this secondary listing for shareholders. The company will continue to concentrate its primary listing and trading activities on the TSX Venture Exchange (TSXV).
About Tethys Petroleum
Tethys Petroleum is dedicated to oil and gas exploration and production within Central Asia, focusing on sustainable development and operational efficiency.
Disclaimer
This announcement includes forward-looking statements. It is important to note that this document does not constitute an invitation or encouragement to invest in Tethys or any other entity, and shareholders are advised to exercise caution regarding the forward-looking statements provided. The company does not commit to updating or revising any forward-looking statements following the announcement date, except where required by law.
Contact Information
If you would like more information, please reach out to:
Tethys Petroleum
Casey McCandless
Chief Financial Officer
Phone: 901-763-4001
[email protected]
www.tethys-group.com
