Tethys Petroleum Press Release: Corporate Update
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: TPL) ha fornito un aggiornamento sulle sue operazioni in Kazakistan. I punti chiave includono:
1. Un trattamento acido nel KBD-10 per testare la zona giurassica ha mostrato risultati iniziali deludenti, ma i test continuano.
2. QazaqGaz ha migliorato la sua offerta nella disputa sui prezzi del gas, portando a un importo totale da riscuotere di circa $6,9 milioni.
3. L'azienda sta perseguendo una licenza commerciale per la produzione e la vendita di petrolio, con ritardi nel processo di revisione.
4. Tethys è in attesa di verbali ufficiali dal Ministero dell'Energia riguardo al programma di utilizzo del gas associato, il che sta ritardando il riavvio delle operazioni di produzione principali.
5. Azioni legali sono in fase di valutazione per proteggere i diritti e gli interessi dell'azienda a causa di ritardi normativi.
Tethys Petroleum (TSXV: TPL) ha proporcionado una actualización sobre sus operaciones en Kazajistán. Los puntos clave incluyen:
1. Un trabajo ácido en KBD-10 para probar la zona jurásica ha mostrado resultados iniciales desalentadores, pero las pruebas continúan.
2. QazaqGaz ha mejorado su oferta en la disputa de precios de gas, resultando en un total por cobrar de aproximadamente $6,9 millones.
3. La empresa está persiguiendo una licencia comercial para la producción y venta de petróleo, con retrasos en el proceso de revisión.
4. Tethys está a la espera de actas oficiales del Ministerio de Energía sobre el programa de utilización de gas asociado, lo que está retrasando el reinicio de las operaciones de producción principales.
5. Se están considerando acciones legales para proteger los derechos e intereses de la empresa debido a retrasos regulatorios.
테티스 석유(Tethys Petroleum, TSXV: TPL)가 카자흐스탄에서의 운영 상황에 대한 업데이트를 제공했습니다. 주요 사항은 다음과 같습니다:
1. KBD-10에서 쥐라기 구역을 테스트하기 위한 산 처리가 실망스러운 초기 결과를 보였으나, 테스트는 계속 진행 중입니다.
2. 카자흐가스(QazaqGaz)가 가스 가격 분쟁에서 제안을 개선하여 약 $6.9 백만의 총 미수금이 발생했습니다.
3. 이 회사는 석유 생산 및 판매를 위한 상업 라이센스를 추진하고 있으며, 검토 과정에서 지연이 발생하고 있습니다.
4. 테티스는 연관된 가스 활용 프로그램에 대한 에너지부의 공식 의사록을 기다리고 있으며, 이는 주요 생산 작업 재개를 지연하고 있습니다.
5. 규제 지연으로 인해 회사의 권리와 이익을 보호하기 위한 법적 조치가 고려되고 있습니다.
Tethys Petroleum (TSXV: TPL) a fourni une mise à jour sur ses opérations au Kazakhstan. Les points clés incluent :
1. Un traitement acide dans le KBD-10 pour tester la zone jurassique a montré des résultats initiaux décourageants, mais les tests continuent.
2. QazaqGaz a amélioré son offre dans le cadre de la dispute sur le prix du gaz, résultant en un montant total à recevoir d'environ $6,9 millions.
3. L'entreprise poursuit une licence commerciale pour la production et la vente de pétrole, avec des retards dans le processus d'examen.
4. Tethys attend des procès-verbaux officiels du Ministère de l'Énergie concernant le programme d'utilisation du gaz associé, ce qui retarde le redémarrage des opérations de production principales.
5. Des actions juridiques sont envisagées pour protéger les droits et les intérêts de l'entreprise en raison de retards réglementaires.
Tethys Petroleum (TSXV: TPL) hat ein Update zu seinen Aktivitäten in Kasachstan bereitgestellt. Die wichtigsten Punkte sind:
1. Ein Säurebehandlung im KBD-10 zur Erprobung der Jurassischen Zone hat enttäuschende erste Ergebnisse gezeigt, aber die Tests laufen weiter.
2. QazaqGaz hat sein Angebot im Streit um Gaspreise verbessert, was zu einem Gesamtbetrag von etwa $6,9 Millionen ausstehend führt.
3. Das Unternehmen strebt eine gewerbliche Lizenz zur Ölproduktion und -veräußierung an, wobei es Verzögerungen im Prüfprozess gibt.
4. Tethys wartet auf offizielle Protokolle des Energieministeriums bezüglich des Programms zur Nutzung von Begleitgas, was den Neustart der Hauptproduktionsaktivitäten verzögert.
5. Es werden rechtliche Schritte in Erwägung gezogen, um die Rechte und Interessen des Unternehmens aufgrund regulatorischer Verzögerungen zu schützen.
- QazaqGaz improved its offer in the gas price dispute, resulting in a receivable of approximately $6.9 million
- Oil handling and gas utilization facilities are almost complete
- Company expects to restart gas production by second half of October or November 2024
- Initial results from acid job in KBD-10 have been discouraging
- Delays in receiving commercial license for oil production and sale
- Regulatory delays impacting the restart of main production operations
- Company accepted a lower gas price than originally stipulated to avoid arbitration
Grand Cayman, Cayman Islands--(Newsfile Corp. - September 30, 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.
Operations update
An acid job in KBD-10 was recently done to help test the Jurassic zone. The initial results have been discouraging but plans are to continue the test. The oil handling and gas utilization facilities are almost complete and the Company expects to have them in place and operational when the commercial license is received.
Gas Contract Resolution
After multiple rounds of negotiations regarding the settlement of the gas price dispute, QazaqGaz has improved its offer, resulting in a total receivable for gas deliveries from May 2022 to January 4, 2023, and from January 1, 2023, to March 31, 2024, including VAT (
Regulatory update
The Company is continuing to pursue the commercial license for the production and sale of oil. On February 20, 2024, the Company applied to the Ministry of Energy of the Republic of Kazakhstan for a Production Contract for the Kul Bas field. The stipulated review period of 20 working days, as required by the Subsoil Use Code, expired on March 19, 2024. On March 28, 2024, the Company submitted a request for assistance in accelerating the review of the application, but no definitive answer has been received to date.
The Ministry of Energy has also not yet issued the official minutes of the Working Group for the associated gas utilization program that was held in March, 2024. Without this document, the Company is unable to obtain the necessary gas flaring and ecological permits to restart its main production operations at KBD-02, KBD-06, and KBD-07 wells.
On April 12, 2024, the Company submitted a formal request to the Ministry of Energy for the issuance of the official minutes. Following several follow-up inquiries, on July 19, 2024, the Ministry informed the Company that additional comments from the Working Group had been addressed and that the minutes would be provided in due course.
The Company does not agree with the extension of the review period or the response indicating that the minutes would be provided without a specified timeframe. A formal complaint regarding the Ministry's response has been submitted, with a resolution expected by October 11, 2024. In light of these delays and the ongoing impact on the Company's operations, we have filed a claim with the Specialized Administrative Court of the City of Astana to obligate the Ministry to immediately issue the official minutes of the Working Group meeting for the associated gas utilization program held in March 2024. Additionally, we are also considering further legal actions to protect the Company's rights and interests.
The Company will continue to actively engage with the Ministry of Energy to expedite both the receipt of the minutes and the signing of the Production Contract for the Kul Bas oil field, in order to ensure full compliance and enable the resumption of its operations.
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/225167
FAQ
What is the status of Tethys Petroleum's (TSXV: TPL) gas price dispute with QazaqGaz?
When does Tethys Petroleum (TSXV: TPL) expect to restart gas production in Kazakhstan?
What regulatory challenges is Tethys Petroleum (TSXV: TPL) facing in Kazakhstan?
What legal actions is Tethys Petroleum (TSXV: TPL) considering in response to regulatory delays in Kazakhstan?
