Tethys Petroleum Press Release: Interim Results and Corporate Update
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.
Tethys Petroleum (TSXV: TETHF) ha pubblicato i risultati intermedi per il secondo trimestre del 2024. Principali evidenze finanziarie includono:
- Le vendite di petrolio e gas sono diminuite del 47% a 4,8 milioni di dollari rispetto ai 9,1 milioni del 2023
- Il reddito netto è stato di 1,4 milioni di dollari, in calo rispetto ai 4,0 milioni del 2023
Aggiornamenti operativi:
- La produzione di test dai pozzi KBD-10 e KBD-11 è stata di circa 28.500 tonnellate
- Il KBD-11 ha prodotto 109 tonnellate utilizzando un choke da 7 mm nella zona Barremiana superiore
L’azienda sta perseguendo una licenza commerciale per la produzione e vendita di petrolio. I campi di gas rimangono chiusi mentre Tethys negozia con QazaqGaz riguardo ai pagamenti e ai prezzi per la produzione di gas.
Tethys Petroleum (TSXV: TETHF) ha publicado sus resultados interinos para el segundo trimestre de 2024. Aspectos financieros clave incluyen:
- Las ventas de petróleo y gas disminuyeron un 47% a 4.8 millones de dólares desde 9.1 millones en 2023
- El ingreso neto fue de 1.4 millones de dólares, en comparación con 4.0 millones en 2023
Actualizaciones operativas:
- La producción de prueba de los pozos KBD-10 y KBD-11 totalizó aproximadamente 28,500 toneladas
- El KBD-11 produjo 109 toneladas usando un choke de 7 mm en la zona Barremiana superior
La compañía está buscando una licencia comercial para la producción y venta de petróleo. Los campos de gas permanecen cerrados mientras Tethys negocia con QazaqGaz sobre los pagos y precios para la producción de gas.
Tethys Petroleum (TSXV: TETHF)이 2024년 2분기 중간 결과를 발표했습니다. 주요 재무 하이라이트는 다음과 같습니다:
- 석유 및 가스 판매가 2023년 9.1백만 달러에서 4.8백만 달러로 47% 감소했습니다.
- 순이익은 2023년 4.0백만 달러에서 1.4백만 달러로 감소했습니다.
운영 업데이트:
- KBD-10과 KBD-11 유정에서 시험 생산량은 약 28,500톤에 달했습니다.
- KBD-11은 상부 바레미안 구역에서 7mm 조크를 사용하여 109톤을 생산했습니다.
회사는 석유 생산 및 판매를 위한 상업적 라이선스를 추구하고 있습니다. 가스 필드는 Tethys가 QazaqGaz와 가스 생산에 대한 지불 및 가격을 협상하는 동안 폐쇄된 상태입니다.
Tethys Petroleum (TSXV: TETHF) a publié ses résultats intermédiaires pour le deuxième trimestre 2024. Points financiers clés incluant :
- Les ventes de pétrole et de gaz ont diminué de 47 % pour atteindre 4,8 millions de dollars, contre 9,1 millions en 2023
- Le revenu net était de 1,4 million de dollars, en baisse par rapport à 4,0 millions en 2023
Mises à jour opérationnelles:
- La production de test des puits KBD-10 et KBD-11 a totalisé environ 28 500 tonnes
- KBD-11 a produit 109 tonnes en utilisant une restriction de 7 mm dans la zone Barremienne supérieure
L'entreprise cherche à obtenir une licence commerciale pour la production et la vente de pétrole. Les champs gaziers restent fermés alors que Tethys négocie avec QazaqGaz concernant les paiements et les prix de la production de gaz.
Tethys Petroleum (TSXV: TETHF) hat seine Zwischenbilanz für das 2. Quartal 2024 veröffentlicht. Wesentliche Finanzkennzahlen umfassen:
- Die Öl- und Gasverkäufe sind um 47% auf 4,8 Millionen US-Dollar von 9,1 Millionen US-Dollar im Jahr 2023 gesunken.
- Der Nettogewinn betrug 1,4 Millionen US-Dollar, ein Rückgang von 4,0 Millionen US-Dollar im Jahr 2023.
Betriebliche Updates:
- Die Testproduktion aus den Bohrlöchern KBD-10 und KBD-11 belief sich auf etwa 28.500 Tonnen.
- KBD-11 produzierte 109 Tonnen mit einem 7 mm Drosselventil in der oberen Barremischen Zone.
Das Unternehmen verfolgt eine gewerbliche Lizenz für die Ölproduktion und den Verkauf. Die Gasfelder bleiben stillgelegt, während Tethys mit QazaqGaz über Zahlungen und Preise für die Gasproduktion verhandelt.
- 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
- 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
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?
