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Tethys Petroleum Limited (TETHF) is a company focused on oil and gas exploration and production activities in Central Asia and the Caspian Region. The company recently received gas flaring permits for exploratory wells in Kazakhstan and is awaiting approval for commercial licenses. Tethys has engaged McDaniel and Associates Consultants to provide a reserve report showing an increase in total proved and total proved + probable reserves. Despite challenges with gas marketing and commercial licenses, the company remains committed to its operations.
Tethys Petroleum (TSXV: TPL) provided updates on regulatory progress and operations at the Kul Bas oil field. The company received ecological and environmental approvals allowing production up to 490 tons/day until July 26, 2026, with domestic-only sales requirement. Tethys submitted an application to transition to Production Period, potentially extending operations until 2048 with export rights.
The company completed two significant operational milestones: the Central Processing Facility (CPF) commissioning on November 19, 2024, and Gas Utilization Facilities (GUF) on January 17, 2025. These facilities help manage associated gas from the first three production wells (KBD-2, KBD-6, KBD-7). Production faces constraints from gas flaring limitations and logistics challenges. Currently selling to mini-refineries, the company's pricing is impacted by Kazakhstan's prohibition on naphtha exports.
Tethys Petroleum (TSXV: TPL) has released its Q3 2024 interim financial results. The company reported a 52% decrease in oil and gas sales to $5.4 million, compared to $11.1 million in the same period of 2023, primarily due to reduced oil production. The company recorded a net loss of $0.6 million, contrasting with a profit of $4.2 million in 2023. Operationally, production commenced at KBD-6 on November 19th and at KBD-2 on November 22nd, with KBD-07 scheduled to start production the following week.
Tethys Petroleum (TSXV: TPL) has secured an Ecology permit for oil production at Kulbas, valid through December 31, 2024. The company is preparing to initiate production from wells KBD #2 and KBD #6, with KBD #7 connection commissioning scheduled for December 1, 2024. The 2025 Ecology permit application is under review, while the gas flaring permit for 2025 has been obtained.
Tethys Petroleum (TSXV: TPL) held its Annual General Meeting on November 12, 2024, where shareholders approved all proposed resolutions. The meeting included the receipt of financial statements and auditors report, election of directors, and appointment of auditors. Four directors were elected with overwhelming support of approximately 99.9% of votes: Adeola Ogunsemi, Mattias Sjoborg, Don Streu, and William Wells, each receiving over 43.6 million votes in favor.
Tethys Petroleum (TSXV: TPL) has received a important gas flaring permit for its Kazakhstan operations. The company now awaits the final Ecology permit, expected by November 18, 2024, which will enable oil production from wells KBD #2, KBD #6, and KBD #7. Tethys is also working with the Ministry of Energy to secure a Production Contract that would extend the Kul Bas oil field's production period until July 2048 and grant oil export rights.
Tethys Petroleum (TSXV: TETHF) has received formal approval of the protocol necessary to advance its oil production activities in Kazakhstan, marking a significant regulatory milestone. The company will now file for a gas flaring permit and pursue an ecological permit, with production expected to commence from wells KBD #2, KBD #6, and KBD #7 by mid-November 2024. Initial production during the preparatory period is anticipated to reach 400-500 tons daily.
Tethys is actively working to expedite the signing of the Production Contract, which would extend the Kul Bas oil field's production period until July 2048 and allow oil exports. Test production from exploratory wells KBD-10 and KBD-11 resumed on April 8, 2024, totaling approximately 33,050 tons to date. Currently, only KBD-11 is producing from the Upper Barremian. The company's oil handling and gas utilization facilities are nearly complete and expected to be operational when the ecological permit is received.
Tethys Petroleum (TSXV: TPL) has provided an update on its operations in Kazakhstan. Key points include:
1. An acid job in KBD-10 to test the Jurassic zone has shown discouraging initial results, but testing continues.
2. QazaqGaz has improved its offer in the gas price dispute, resulting in a total receivable of approximately $6.9 million.
3. The company is pursuing a commercial license for oil production and sale, with delays in the review process.
4. Tethys is awaiting official minutes from the Ministry of Energy regarding the associated gas utilization program, which is delaying the restart of main production operations.
5. Legal actions are being considered to protect the company's rights and interests due to regulatory delays.
Tethys Petroleum (TSXV: TETHF) has released its interim results for Q2 2024. Key financial highlights include:
- Oil and gas sales decreased by 47% to $4.8 million from $9.1 million in 2023
- Net income was $1.4 million, down from $4.0 million in 2023
Operational updates:
- Test production from KBD-10 and KBD-11 wells totaled about 28,500 tons
- KBD-11 produced 109 tons using a 7 mm choke in the Upper Barremian zone
The company is pursuing a commercial license for oil production and sale. Gas fields remain shut in as Tethys negotiates with QazaqGaz regarding payment and pricing for gas production.
Tethys Petroleum has provided a corporate update on its operations in Kazakhstan. As of May 27, test production from the KBD-10 and KBD-11 wells reached 11,000 tons. KBD-11, perforated on May 18, has averaged 275 tons per day, while KBD-10 continues at 24 tons per day. The company faces delays in obtaining a commercial license for oil production, with no clear explanation provided. Negotiations with QazaqGaz about gas payments and prices remain unresolved, and gas fields are currently shut in. The board has approved seeking buyers for the gas fields, starting at $50 million. Due to ongoing delays and uncertainties, Tethys plans significant workforce reductions.
Tethys Petroleum has released its interim financial results for Q1 2024, showing a significant drop in oil and gas sales to $1.9 million, down 80% from $9.9 million in Q1 2023 due to halted oil production. The company reported a net loss of $983,000 compared to a $2.5 million profit in the same period last year.
Operationally, test production began at the KBD-10 and KBD-11 wells, producing a total of 8,200 tons. KBD-10 currently produces about 25 tons per day, down from an initial 300 tons per day. KBD-11 is set to test a new zone shortly.
Tethys is working to acquire a commercial license for oil production and continues to negotiate gas contracts with QazaqGaz, with gas fields remaining shut in.
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