Tethys Petroleum - TETHF STOCK NEWS

Tethys Petroleum (TSXV: TPL) has released its Annual Results for 2023, reporting a decrease in oil and gas sales by 44% to $36.5 million from $65.5 million in 2022. The profit for 2023 was $9.7 million compared to $12.3 million in 2022. Operations are ongoing with test production from KBD-10 and KBD-11 wells starting on April 8th, averaging around 340 tons per day. The Company is working towards obtaining a commercial license for oil production and is engaged in gas contract negotiations with QazaqGaz, with gas fields currently shut in.

Tethys Petroleum (TSXV: TPL) provides an update on its operations in Kazakhstan, including receiving permits for test oil production and facing challenges in gas marketing.

Tethys Petroleum (TSXV: TPL) provides an update on its operations in Kazakhstan, including regulatory updates and reserve report. The company received gas flaring permits for exploratory wells and is awaiting approval for an ecology permit essential for oil production. The commercial license process is delayed, requiring reapplication. Despite incomplete facilities, Tethys aims to have them ready for commercial production. The reserve report by McDaniel and Associates Consultants shows an increase in total proved and total proved + probable reserves as of December 31, 2023.

Tethys Petroleum Limited (TSXV: TPL) updates on operations in Kazakhstan, adjusting deferred payment obligation by $18.7 million after excluding $25.6 million costs not due for reimbursement.

Tethys Petroleum Limited (TSXV: TPL) has presented the Kul Bas Field Development plan to the Central Committee on Exploration and Development (CCED) in the Republic of Kazakhstan. The Company expects to receive the official protocol within two weeks, a critical step towards achieving a license for commercial production. Tethys plans to start commercial production by early April, 2024. As of the PR date, the Company has approximately $5.5mm in cash, with the expectation of retaining sufficient operating liquidity until the resumption of oil production.

Tethys Petroleum Limited (TSXV: TPL) is making significant progress in its operations in the Republic of Kazakhstan, having resolved a dispute with QazaqGaz and receiving a payment of approximately $4.3 million USD for gas produced in the first four months of 2022. The company is also advancing towards obtaining a license for commercial production and has made substantial developments in its main facilities, with plans for further negotiations with oil buyers and seismic campaigns in underexplored areas.

Tethys Petroleum Limited (TSXV: TPL) announced the filing of its Interim Results for the three months ended September 30, 2023, and provided an update on its Normal Course Issuer Bid. The Company has repurchased 217,765 shares out of 5,805,361 approved under the new program for this year.

Tethys Petroleum Limited provides an update on its operations in Kazakhstan. The company successfully tested KBD 10 at the Barremian zone with an average daily production rate of over 250 tons. Tethys produced 23,446 tons in September and 16,402 tons in October. The company aims to sign a production contract for a 25-year period by early February 2024. However, the price of domestic oil in Kazakhstan has been negatively impacted by a regulation restricting the export of certain refined oil products and the war in Ukraine. Tethys' oil price dropped from approximately 50% of Brent to 30% of Brent, resulting in an estimated loss in revenue exceeding $10 million. The company has also foregone estimated gas revenues of approximately $10 million due to a dispute with QazaqGaz. Tethys is focused on cost optimization and has laid off temporary employees and reduced staffing. The company has approximately $7.7 million in cash and plans to enter into an oil pre-sale agreement or access the debt markets if there is a shortfall in cash.

Tethys Petroleum announces results of Annual General Meeting, all resolutions passed unanimously.