Tethys Petroleum Corporate Update
- Tethys Petroleum (TSXV: TPL) has received permits for test oil production from the KBD-10 and KBD-11 wells in Kazakhstan.
- Oil production is scheduled to start on April 8th, pending the issuance of the commercial license by the Ministry of Ecology.
- Tethys is facing a dispute with QazaqGaz over the payment for gas produced, leading to a shutdown of gas production.
- As a result of the gas production shutdown, several employees may face temporary furloughs or permanent dismissal.
- To mitigate staff layoffs, some employees have been transferred to assist with oil production at other sites.
- The company is working to resolve the issues with gas marketing and hopes to resume production soon.
- Gas production shutdown due to payment dispute with QazaqGaz poses financial challenges for Tethys.
- Temporary furloughs and potential staff layoffs could impact the company's operations and workforce morale.
- Delays in obtaining the commercial license for oil production may affect revenue generation for Tethys.
Grand Cayman, Cayman Islands--(Newsfile Corp. - April 5, 2024) - Tethys Petroleum Limited (TSXV: TPL) ("Tethys" or the "Company") is pleased to provide an update on the Company's operations in the Republic of Kazakhstan.
Regulatory update
Tethys has received the permit from the Ministry of Ecology which will allow for test oil production from the KBD-10 and KBD-11 wells. Production is scheduled to start on April 8th. Regarding the commercial license, the Ministry has not yet issued the official minutes of the Working Group, and the Company is trying to determine the reason for the delay.
Gas Marketing update
The Company has been continuing to work on a resolution with QazaqGaz over the dispute on the payment of gas produced by the Company. We have been unable to come to an agreement and gas production has been shut in. Due to the shutdown of gas production, a significant number of employees may be forced to take a temporary furlough and are at risk of permanent dismissal. Sixteen employees have been put on furlough. In an effort to reduce the number of staff laid off, Seventeen employees have been transferred from TethysAralGas to KulBas in order to assist with the oil production on KBD-10 and KBD-11.
About Tethys
Tethys is focused on oil and gas exploration and production activities in Central Asia and the Caspian Region.
Disclaimer
Some of the statements in this document are forward-looking. No part of this announcement constitutes, or shall be taken to constitute, an invitation or inducement to invest in the Company or any other entity and shareholders of the Company are cautioned not to place undue reliance on the forward-looking statements. Save as required by applicable law, the Company does not undertake to update or change any forward-looking statements to reflect events occurring after the date of this announcement.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact Information:
Tethys Petroleum
Casey McCandless
Chief Financial Officer
901-763-4001
info@tethys-group.com
www.tethys-group.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/204583
FAQ
What permits has Tethys Petroleum received for production in Kazakhstan?
When is the scheduled start date for oil production?
What challenges is Tethys facing in gas marketing?
How many employees are at risk of dismissal due to the gas production shutdown?
How is Tethys mitigating staff layoffs?
What is Tethys' strategy to resolve the gas marketing issues?
