Tethys Petroleum Press Release: Corporate Update
Rhea-AI Summary
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.
Positive
- Obtained critical gas flaring permit for Kazakhstan operations
- Potential production from three wells (KBD #2, #6, and #7) pending final permit
- Possible extension of Kul Bas oil field production rights until 2048
Negative
- Operations delayed pending additional regulatory approvals
- Export capabilities still contingent on Production Contract approval
News Market Reaction 1 Alert
On the day this news was published, TETHF declined 4.16%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Grand Cayman, Cayman Islands--(Newsfile Corp. - November 1, 2024) - Tethys Petroleum Limited (TSXV: TPL) ("Tethys" or the "Company") is pleased to announce that it has today received the necessary gas flaring permit, a critical milestone in advancing its oil production operations in Kazakhstan.
Regulatory Update
With this long-anticipated approval in hand, Tethys now moves to the final regulatory step: obtaining the Ecology permit. The Company is hopeful about receiving this permit by November 18, 2024, which will enable the start of its oil production from wells KBD #2, KBD #6, and KBD #7.
The Company will continue to actively engage with the Ministry of Energy to expedite the signing of the Production Contract, which will extend the Kul Bas oil field's production period until July 2048 and allow the Company to export oil. With the gas flaring permit now in place, the Company hopes that, after this extended waiting period, the remaining steps, including the approval of the Production Contract application, will proceed in a timely manner.
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/228662
FAQ
When did Tethys Petroleum (TSXV: TPL) receive its gas flaring permit in Kazakhstan?
Which wells will Tethys Petroleum (TSXV: TPL) begin production from in Kazakhstan?
When is Tethys Petroleum (TSXV: TPL) expected to receive its Ecology permit?
Until what year could the Kul Bas oil field production period be extended?
