Tethys Petroleum Corporate Update
Tethys Petroleum (TSXV: TPL) has provided several key updates. The company withdrew its application to transition Contract No. 1897 for the Kul Bas field to Production Period, as current distribution channels under testing production contract offer higher revenue potential. The testing production contract expires on July 26, 2026.
Tethys entered an agreement with NatGaz Company LLP for natural gas sales, receiving a prepayment and expecting to resume gas production around February 15, 2025. At current pricing, gas revenue is anticipated to generate over $700,000/month. The company plans to rehire gas production employees effective February 7, 2025.
The company announced a dividend of $0.01/share (USD) for shareholders of record on February 10, with payment expected on February 20, 2025. This marks the first dividend since February 2023, following delays in payments from Kazakh Gas and production contract approval.
Tethys Petroleum (TSXV: TPL) ha fornito diversi aggiornamenti chiave. L'azienda ha ritirato la propria domanda per la transizione del Contratto N. 1897 per il campo Kul Bas al Periodo di Produzione, poiché i canali di distribuzione attuali sotto contratto di produzione di test offrono un potenziale di guadagno più elevato. Il contratto di produzione di test scade il 26 luglio 2026.
Tethys ha stipulato un accordo con NatGaz Company LLP per la vendita di gas naturale, ricevendo un anticipo e prevedendo di riprendere la produzione di gas intorno al 15 febbraio 2025. Ai prezzi attuali, i ricavi dal gas sono previsti generare oltre 700.000 $/mese. L'azienda prevede di riassumere i dipendenti della produzione di gas a partire dal 7 febbraio 2025.
L'azienda ha annunciato un dividendo di $0,01/share (USD) per gli azionisti registrati il 10 febbraio, con pagamento previsto per il 20 febbraio 2025. Questo segna il primo dividendo da febbraio 2023, dopo ritardi nei pagamenti da parte di Kazakh Gas e nell'approvazione dei contratti di produzione.
Tethys Petroleum (TSXV: TPL) ha proporcionado varias actualizaciones clave. La compañía retiró su solicitud para la transición del Contrato N.º 1897 para el campo Kul Bas al Período de Producción, ya que los canales de distribución actuales bajo el contrato de producción de prueba ofrecen un mayor potencial de ingresos. El contrato de producción de prueba expira el 26 de julio de 2026.
Tethys firmó un acuerdo con NatGaz Company LLP para la venta de gas natural, recibiendo un prepago y esperando reanudar la producción de gas alrededor del 15 de febrero de 2025. Con los precios actuales, se anticipa que los ingresos por gas generen más de $700,000/mes. La compañía planea recontratar a los empleados de producción de gas a partir del 7 de febrero de 2025.
La compañía anunció un dividendo de $0.01/acción (USD) para los accionistas registrados el 10 de febrero, con un pago esperado para el 20 de febrero de 2025. Este es el primer dividendo desde febrero de 2023, tras retrasos en los pagos de Kazakh Gas y en la aprobación de contratos de producción.
Tethys Petroleum (TSXV: TPL)는 여러 주요 업데이트를 제공했습니다. 회사는 Kul Bas 유전의 계약 N. 1897을 생산 기간으로 전환하기 위한 신청서를 철회했으며, 현재 테스트 생산 계약에 따른 배급 채널이 더 높은 수익 잠재력을 제공하기 때문입니다. 테스트 생산 계약은 2026년 7월 26일에 만료됩니다.
Tethys는 NatGaz Company LLP와 천연 가스 판매 계약을 체결하였으며, 선불금을 지급받고 2025년 2월 15일 경에 가스 생산을 재개할 것으로 기대하고 있습니다. 현재 가격 기준으로 가스 수익이 월 700,000 달러를 초과할 것으로 예상됩니다. 회사는 가스 생산 직원을 2025년 2월 7일부터 재고용할 계획입니다.
회사는 2025년 2월 10일 기준 주주에게 주당 $0.01(USD)의 배당금을 발표하였으며, 지급은 2025년 2월 20일로 예상됩니다. 이는 2023년 2월 이후 첫 배당금으로, 카자흐가스의 지연된 지불 및 생산 계약 승인 이후의 일입니다.
Tethys Petroleum (TSXV: TPL) a fourni plusieurs mises à jour clés. L'entreprise a retiré sa demande pour la transition du Contrat n° 1897 pour le champ Kul Bas en période de production, car les canaux de distribution actuels sous contrat de production de test offrent un plus grand potentiel de revenus. Le contrat de production de test expire le 26 juillet 2026.
Tethys a conclu un accord avec NatGaz Company LLP pour la vente de gaz naturel, recevant un acompte et s'attendant à reprendre la production de gaz autour du 15 février 2025. Selon les prix actuels, les revenus générés par le gaz devraient dépasser 700 000 $/mois. L'entreprise prévoit de réembaucher les employés de production de gaz à compter du 7 février 2025.
L'entreprise a annoncé un dividende de 0,01 $/action (USD) pour les actionnaires inscrits le 10 février, avec un paiement prévu le 20 février 2025. Cela marque le premier dividende depuis février 2023, suite à des retards de paiement de Kazakh Gas et à l'approbation des contrats de production.
Tethys Petroleum (TSXV: TPL) hat mehrere wichtige Updates bereitgestellt. Das Unternehmen hat seinen Antrag auf Übergang des Vertrags Nr. 1897 für das Kul Bas-Feld in einen Produktionszeitraum zurückgezogen, da die aktuellen Vertriebswege unter dem Testproduktionsvertrag ein höheres Einnahmenpotenzial bieten. Der Testproduktionsvertrag läuft am 26. Juli 2026 aus.
Tethys hat einen Vertrag mit NatGaz Company LLP für den Verkauf von Erdgas abgeschlossen, einen Vorschuss erhalten und erwartet, die Gasproduktion um den 15. Februar 2025 wieder aufzunehmen. Bei den aktuellen Preisen wird erwartet, dass die Gasumsätze über 700.000 $/Monat generieren. Das Unternehmen plant, die Mitarbeiter der Gasproduktion ab dem 7. Februar 2025 wieder einzustellen.
Das Unternehmen gab eine Dividende von $0,01/Aktie (USD) für Aktionäre bekannt, die am 10. Februar im Register stehen, mit einer Zahlung, die für den 20. Februar 2025 erwartet wird. Dies ist die erste Dividende seit Februar 2023, nach Verzögerungen bei Zahlungen von Kazakh Gas und der Genehmigung von Produktionsverträgen.
- Expected gas revenue of over $700,000/month from new NatGaz Company agreement
- Resumption of dividend payments at $0.01 per share
- Higher revenue potential through current distribution channels versus production contract
- Production constrained by current oil handling facilities to 3 wells
- Gas utilization capacity limiting production growth
- Infrastructure upgrades ('Phase 2') delayed until year-end
- Significant upcoming capital expenditure requirements
Grand Cayman, Cayman Islands--(Newsfile Corp. - February 3, 2025) - Tethys Petroleum Limited (TSXV: TPL) ("Tethys" or the "Company") is pleased to provide the following updates regarding its regulatory progress and operational milestones at the Kul Bas oil field.
Regulatory Update
On January 31, 2025, Kul-Bas LLP withdrew its application to the Ministry of Energy of the Republic of Kazakhstan to transition Contract No. 1897 for the Kul Bas field to the Production Period. While other reasons also played a part, it was determined upon further analysis that the company would likely achieve higher revenue by continuing to sell through the current distribution channels allowed under the testing production contract rather than the distribution channels required by the production contract. The production contract would have some component allowed for the export market and some for the domestic market. Given the high taxes for sales in the export market, Tethys is currently incentivized to sell the oil for export under the allowance to domestic mini-refineries (as it is currently). The oil which would be sold under the domestic component would need to be sold to the state refineries and wouldn't be allowed to be sold to the mini-refineries. Depending on which state refinery the Ministry of Energy would require, the discount in the oil price would be estimated to be about 10
Operational Update
The Company has entered into an agreement with NatGaz Company LLP to be a buyer of Tethys natural gas. Tethys has received a prepayment on the gas and an official letter that the Buyer is able to start accepting the gas around February 15, 2025. The Company is in the process of preparing the resumption of gas production and anticipates rehiring employees associated with the gas production effective February 7, 2025. At current pricing, it is anticipated resumption of the gas revenue will allow for over
Dividend Update
Tethys hasn't paid a dividend since February of 2023. The approximate 2 year delay in payments from Kazakh Gas on gas sold and the delays in approval for the production contract impacted Tethys's ability to return cash to shareholders. The settlement of the balance due from Kazahk Gas, the initiation of new oil sales and the ability to sell oil under the production contract enhances Tethys ability to fund expenses and pay dividends. While Tethys has significant upcoming capital expenditure requirements to fund for the foreseeable future, returning cash to shareholders also remains a goal for the Company. Tethys will pay a $.01/share (USD) dividend to shareholders of record on February 10 with an expected pay date of February 20, 2025.
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
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/239491
FAQ
When will Tethys Petroleum (TETHF) resume gas production in 2025?
What is the expected monthly gas revenue for Tethys Petroleum (TETHF) in 2025?
When will Tethys Petroleum (TETHF) pay its next dividend in 2025?
Why did Tethys Petroleum (TETHF) withdraw its Kul Bas production contract application?
When does Tethys Petroleum's (TETHF) current testing production contract expire?
