Tethys Petroleum Provides Corporate Update
Tethys Petroleum (TSXV: TETHF) has received formal approval of the protocol necessary to advance its oil production activities in Kazakhstan, marking a significant regulatory milestone. The company will now file for a gas flaring permit and pursue an ecological permit, with production expected to commence from wells KBD #2, KBD #6, and KBD #7 by mid-November 2024. Initial production during the preparatory period is anticipated to reach 400-500 tons daily.
Tethys is actively working to expedite the signing of the Production Contract, which would extend the Kul Bas oil field's production period until July 2048 and allow oil exports. Test production from exploratory wells KBD-10 and KBD-11 resumed on April 8, 2024, totaling approximately 33,050 tons to date. Currently, only KBD-11 is producing from the Upper Barremian. The company's oil handling and gas utilization facilities are nearly complete and expected to be operational when the ecological permit is received.
Tethys Petroleum (TSXV: TETHF) ha ricevuto l'approvazione formale del protocollo necessario per portare avanti le sue attività di produzione di petrolio in Kazakistan, segnando un importante traguardo normativo. L'azienda presenterà ora una richiesta per un permesso per il gas flaring e perseguiterà un permesso ecologico, con la produzione prevista per iniziare dai pozzi KBD #2, KBD #6 e KBD #7 entro la metà di novembre 2024. Si prevede che la produzione iniziale durante il periodo preparatorio raggiunga le 400-500 tonnellate al giorno.
Tethys sta lavorando attivamente per accelerare la firma del Contratto di Produzione, che estenderebbe il periodo di produzione del giacimento petrolifero Kul Bas fino a luglio 2048 e permetterebbe le esportazioni di petrolio. La produzione di test dai pozzi esplorativi KBD-10 e KBD-11 è ripresa l'8 aprile 2024, totalizzando circa 33.050 tonnellate fino ad oggi. Attualmente, solo KBD-11 sta producendo dall'Upper Barremiano. Le strutture di gestione del petrolio e utilizzo del gas dell'azienda sono quasi complete e si prevede che siano operative quando sarà ricevuto il permesso ecologico.
Tethys Petroleum (TSXV: TETHF) ha recibido la aprobación formal del protocolo necesario para avanzar en sus actividades de producción de petróleo en Kazajistán, marcando un hito regulatorio significativo. La empresa ahora solicitará un permiso para quemar gas y buscará un permiso ecológico, con una producción esperada para comenzar desde los pozos KBD #2, KBD #6 y KBD #7 a mediados de noviembre de 2024. Se anticipa que la producción inicial durante el período preparatorio alcanzará de 400 a 500 toneladas diarias.
Tethys está trabajando activamente para acelerar la firma del Contrato de Producción, que extendería el período de producción del campo petrolero Kul Bas hasta julio de 2048 y permitiría las exportaciones de petróleo. La producción de prueba de los pozos exploratorios KBD-10 y KBD-11 se reanudó el 8 de abril de 2024, totalizando aproximadamente 33,050 toneladas hasta la fecha. Actualmente, solo KBD-11 está produciendo del Upper Barremiano. Las instalaciones de manejo de petróleo y utilización de gas de la empresa están casi completas y se espera que estén operativas cuando se reciba el permiso ecológico.
Tethys Petroleum (TSXV: TETHF)는 카자흐스탄에서의 석유 생산 활동을 진행하기 위한 프로토콜에 대한 공식 승인을 받았으며, 이는 중요한 규제 이정표를 의미합니다. 이 회사는 이제 가스 플레어링 허가를 신청하고 생태 허가를 추구할 예정이며, 2024년 11월 중순까지 KBD #2, KBD #6 및 KBD #7에서 생산이 시작될 것으로 기대하고 있습니다. 준비 기간 동안의 초기 생산량은 하루 400-500톤에 이를 것으로 예상됩니다.
Tethys는 Kul Bas 유전의 생산 기간을 2048년 7월까지 연장하고 석유 수출을 허용하는 생산 계약의 서명을 가속하기 위해 적극적으로 노력하고 있습니다. 탐사 우물 KBD-10 및 KBD-11에서의 시험 생산은 2024년 4월 8일에 재개되었으며, 현재까지 약 33,050톤이 생산되었습니다. 현재 KBD-11만 Upper Barremian에서 생산되고 있습니다. 회사의 석유 처리 및 가스 활용 시설은 거의 완공되었으며, 생태 허가를 받으면 운영될 예정입니다.
Tethys Petroleum (TSXV: TETHF) a reçu l'approbation formelle du protocole nécessaire pour faire avancer ses activités de production de pétrole au Kazakhstan, marquant une étape réglementaire significative. L'entreprise déposera maintenant une demande de permis de torche à gaz et obtiendra un permis écologique, avec une production prévue pour commencer à partir des puits KBD #2, KBD #6 et KBD #7 d'ici la mi-novembre 2024. La production initiale durant la période préparatoire devrait atteindre 400-500 tonnes par jour.
Tethys travaille activement à accélérer la signature du Contrat de Production, qui prolongerait la période de production du champ pétrolifère Kul Bas jusqu'en juillet 2048 et permettrait les exportations de pétrole. La production de test des puits exploratoires KBD-10 et KBD-11 a repris le 8 avril 2024 et totalise environ 33 050 tonnes à ce jour. Actuellement, seul KBD-11 produit depuis l'Upper Barremien. Les installations de l'entreprise pour la manipulation de pétrole et l'utilisation de gaz sont presque achevées et devraient être opérationnelles lorsque le permis écologique sera reçu.
Tethys Petroleum (TSXV: TETHF) hat die formelle Genehmigung des Protokolls erhalten, das erforderlich ist, um seine Ölproduktionsaktivitäten in Kasachstan voranzutreiben, was einen bedeutenden regulatorischen Meilenstein darstellt. Das Unternehmen wird nun einen Antrag auf eine Genehmigung für Gasverwertung stellen und ein ökologisches Genehmigungsanliegen verfolgen, wobei die Produktion voraussichtlich ab Mitte November 2024 aus den Bohrungen KBD #2, KBD #6 und KBD #7 beginnen wird. Es wird erwartet, dass die anfängliche Produktion während der Vorbereitungszeit täglich 400-500 Tonnen erreichen wird.
Tethys arbeitet aktiv daran, die Unterzeichnung des Produktionsvertrags zu beschleunigen, der die Produktionsperiode des Kul Bas-Ölfelds bis Juli 2048 verlängern und Ölexporte ermöglichen würde. Die Testproduktion aus den Erkundungsbohrungen KBD-10 und KBD-11 wurde am 8. April 2024 wieder aufgenommen und beläuft sich bisher auf etwa 33.050 Tonnen. Derzeit produziert nur KBD-11 aus dem Oberen Barrem. Die Einrichtungen des Unternehmens zur Ölhandhabung und zur Gasnutzung sind fast fertiggestellt und werden voraussichtlich betriebsbereit sein, sobald die ökologische Genehmigung erteilt wird.
- Received formal approval of protocol for advancing oil production activities in Kazakhstan
- Expected to commence production from three wells by mid-November 2024
- Anticipated daily production rate of 400-500 tons during preparatory period
- Test production from exploratory wells totaled approximately 33,050 tons since April 8, 2024
- Oil handling and gas utilization facilities nearly complete
- Acid job in KBD-10 targeting Lower Jurassic zone was unsuccessful
- Uncertainty regarding timing of Production Contract approval
- production levels during preparatory period
Grand Cayman, Cayman Islands--(Newsfile Corp. - October 18, 2024) - Tethys Petroleum Limited (TSXV: TPL) ("Tethys" or the "Company") is pleased to announce that it has today received formal approval of the protocol necessary to advance its oil production activities in Kazakhstan. This represents a significant regulatory milestone for the Company.
Regulatory update
With the protocol approval received today, the Company will file for a gas flaring permit early next week, which is expected to be approved within two working days. Following this, Tethys will pursue the required ecological permit, the final regulatory step before starting the main oil production. The Company anticipates receiving the ecological permit by mid-November 2024, allowing production to commence from wells KBD #2, KBD #6, and KBD #7. Initial production will likely take place within the preparatory period, during which production levels cannot exceed those established during the prior pilot oil production phase. During the preparatory period, production from these three wells is expected to reach a daily rate of approximately 400-500 tons. 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. This application has been made but the timing in its approval is uncertain.
Operations update
Test production from the exploratory wells KBD-10 and KBD-11 resumed on April 8, 2024, following the expiration of the exploratory period on October 16, 2023. It has totaled approximately 33,050 tons to date. Currently, only KBD-11 is producing from the Upper Barremian, as the acid job in KBD-10 targeting the Lower Jurassic zone was unsuccessful. Management isn't certain whether the lack of production from the Jurassic zone on KBD-10 was due to geology or mechanical issues from the well.
The oil handling and gas utilization facilities are almost complete and the Company expects to have them in place and operational when the ecological permit is received.
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
info@tethys-group.com
www.tethys-group.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/227160
FAQ
When does Tethys Petroleum (TSXV: TETHF) expect to start oil production in Kazakhstan?
What is the expected daily production rate for Tethys Petroleum (TSXV: TETHF) during the preparatory period?
How much test production has Tethys Petroleum (TSXV: TETHF) achieved from exploratory wells KBD-10 and KBD-11?
What is the status of Tethys Petroleum's (TSXV: TETHF) Production Contract for the Kul Bas oil field?
