Tethys Petroleum Press Release: Interim Results and Corporate Update
Rhea-AI Summary
Tethys Petroleum (TSXV: TETHF) has released its interim results for Q2 2024. Key financial highlights include:
- Oil and gas sales decreased by 47% to $4.8 million from $9.1 million in 2023
- Net income was $1.4 million, down from $4.0 million in 2023
Operational updates:
- Test production from KBD-10 and KBD-11 wells totaled about 28,500 tons
- KBD-11 produced 109 tons using a 7 mm choke in the Upper Barremian zone
The company is pursuing a commercial license for oil production and sale. Gas fields remain shut in as Tethys negotiates with QazaqGaz regarding payment and pricing for gas production.
Positive
- Test production from KBD-10 and KBD-11 wells yielded 28,500 tons
- KBD-11 well showed production of 109 tons in the Upper Barremian zone
- Company maintained profitability with $1.4 million net income
Negative
- Oil and gas sales decreased by 47% to $4.8 million compared to previous year
- Net income declined from $4.0 million in 2023 to $1.4 million in 2024
- Gas fields remain shut in due to ongoing negotiations with QazaqGaz
News Market Reaction 1 Alert
On the day this news was published, TETHF declined NaN%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Grand Cayman, Cayman Islands--(Newsfile Corp. - August 29, 2024) - Tethys Petroleum Limited (TSXV: TPL) ("Tethys" or the "Company") today announced that it has filed its interim results for the three months ended June 30, 2024 with the Canadian securities regulatory authorities comprising its Audited Financial Statements together with Management's Discussion and Analysis and other required forms. Copies of the filed documents may be obtained via SEDAR at www.sedar.com or on Tethys' website at www.tethys-group.com.
Financial highlights
Oil and gas sales decreased by
Operations update
Test production from the KBD-10 and KBD-11 wells commenced on April 8th, and has totaled about 28,500 tons. We recently started test production on KBD-11 in the Upper Barremian.zone. KBD-11 has produced 109 tons using a 7 mm choke.
Regulatory update
The Company is continuing to pursue the commercial license for the production and sale of oil.
Gas Contract Negotiations
The Company is communicating with QazaqGaz to pursue a resolution on payment and price for gas production. The gas fields remains shut in.
About Tethys
Tethys is focused on oil and gas exploration and production activities in Central Asia and the Caspian Region. Tethys believes that significant potential exists in both exploration and in discovered deposits in the area.
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/221568
FAQ
What were Tethys Petroleum's (TETHF) Q2 2024 financial results?
How much oil did Tethys Petroleum's (TETHF) KBD-10 and KBD-11 wells produce in Q2 2024?
What is the current status of Tethys Petroleum's (TETHF) gas production as of August 2024?
What regulatory steps is Tethys Petroleum (TETHF) taking for oil production as of Q2 2024?
