Tethys Petroleum Ltd. reports developments in its oil and gas exploration and production activities in Central Asia and the Caspian Region, with recurring updates focused on operations in the Republic of Kazakhstan. Company news commonly covers the Kul-Bas Oil Field, oil production from KBD wells, natural gas production from the Kyzyloi and Akkulka Gas Fields, and work on processing, storage, gas-utilization and pipeline facilities.
Updates also include annual and interim results filed with Canadian securities regulators, reserve reporting prepared under NI 51-101 standards, subsoil-use contract matters, capital-structure disclosure and governance matters tied to the company’s upstream oil and gas operations.
Tethys Petroleum (TETHF) reported its annual meeting results, including four director elections and a ruling excluding certain shareholder votes.
Adeola Ogunsemi, Mattias Sjoborg and William Wells were elected with 54.8% support each; Don Streu was elected with 99.9%. Askar Ismailov, Paul J. Ostling and Piers Johnson were not elected, each receiving 46.3%. Shareholders also passed resolutions concerning the financial statements and auditor’s report and appointed Grant Thornton as auditor.
An arbitral award issued on May 13, 2025, ordered cancellation of 18 million shares issued to Olisol Petroleum. Judgment for the award was entered in the Grand Court of the Cayman Islands on April 1, 2026. The meeting chair ruled that 12,987,381 Gazexport shares, 1,233,840 Elena Gress shares and 3,703,000 Versal Luxury Interiors shares be excluded from their votes. Gazexport and FG objected to the ruling.
Tethys Petroleum (TPL) received notice that Gazexport intends to nominate two directors at its September 29, 2026 annual meeting.
The proposed nominees are Douglas Lamb, an energy finance executive with 25 years of experience, and Piers Johnson, a petroleum and reservoir engineering specialist with more than four decades of experience. Lamb has worked on oil and gas and infrastructure projects in Kazakhstan. Johnson is managing director of Oilfield Production Consultants and has also worked in the region.
Tethys Petroleum (TETHF) reports on Kazakhstan’s excise tax increase and updates its Kazakhstan operations as of mid-September 2026.
Kazakhstan has raised the coefficient in its price-linked excise tax on gasoline and diesel from 50% to 95%, applied retroactively from September 1, 2026. Tethys expects this to reduce downstream margins and cash generation for Kul-Bas crude refined and sold domestically, and is revising operating and cash flow forecasts. The board does not expect the current tax and pricing regime to justify new exploration beyond existing plans such as Kronos and does not plan to bid for new licenses, instead seeking farmout partners for the Nurzhau, Diyar and Zhanasu licenses.
Oil output at Kul-Bas is slightly above 400 tons/day, with upgrades and a new compressor expected to lift production to over 500 tons/day. Natural gas output from Kyzyloi and Akkulka is about 269,000 m³/day, and the Akkulka production contract now runs to December 23, 2036.
Tethys Petroleum (OTC: TETHF, TSXV: TPL) reported interim results for the three months ended June 30, 2026. Oil and gas sales rose by 70% to $10.4 million in Q2 2026 from $6.1 million in Q2 2025, mainly due to higher oil production and starting to process crude into refined products.
According to Tethys, the period result was a small net loss of $0.01 million, compared with a net profit of $1.3 million a year earlier. Revenue improved but oil production fell short of expectations because of technical failures in gas turbines. The company is repairing or replacing a turbine and installing a second gas compressor at the Kul-Bas Central Processing Facility, which it expects will significantly increase associated gas utilization capacity once commissioned. Tethys provided indicative current and targeted oil production rates for August and October 2026, subject to successful equipment repairs and commissioning.
Tethys Petroleum (TSXV: TPL, OTC: TETHF) reported that on July 10, 2026, a Kazakhstan first-instance administrative court granted an administrative claim filed by TAG against a court bailiff’s order for forced sale of certain pledged TAG assets, including gas infrastructure, cancelling the bailiff’s order.
According to Tethys Petroleum, the court indicated the bailiff should again allow TAG to pursue a voluntary sale of the pledged assets. A full written decision is expected within five business days, after which the court bailiff and DSFK may appeal within 10 days.
Tethys Petroleum (OTC:TETHF) reported Q1 2026 interim results and a corporate update.
Oil and gas sales rose 104% to $8.1 million from $4.0 million, with net profit up to $2.0 million from $0.3 million. However, limited export allocations, weaker domestic pricing, delayed gas payments and legal uncertainties are pressuring cash flow, causing Tethys to revise its 2026 budget and delay drilling ARD-01.
An AIFC arbitration ruling, upheld on appeal, found in favour of Tethys, ordering repayment of funds and authorizing cancellation of 18 million shares previously issued.
Tethys Petroleum (OTC: TETHF) filed audited Annual Results for year ended Dec 31, 2025, including financial statements and MD&A, available on SEDAR+ and the company website.
Key figures: oil and gas sales $20.7M (up 83% vs 2024) and net profit $8.1M in 2025 versus a $19.1M loss in 2024. 2026 production averages provided for oil and gas fields; a gas utilization program for Kul Bas is approved through end-2026.
Tethys Petroleum (OTC: TETHF) released a Kazakhstan operations update and a McDaniel reserve report as of December 31, 2025. Total proved and total proved+probable volumes remain broadly unchanged versus 2024, while discounted Net Present Value (10% after tax) fell to $474 million from $560 million (≈15% decline).
The report shows 2025 net proved reserves of 46,686 mboe and total proved+probable of 84,844 mboe. Management attributes lower NPV to weaker Brent and domestic prices and a high fiscal/export tax burden.
Tethys Petroleum (OTC:TETHF) provided an operations update for Kazakhstan on March 24, 2026. Oil from wells KBD-02, KBD-06 and KBD-07 averaged ~323 tons/day in 2026 to date, ramping to 375 tons/day as of yesterday after weather-related interruptions.
Natural gas production averages about 222,000 m³/day from 20 wells. The Ministry of Energy working group gave preliminary approval to the Kul Bas gas utilization program on March 12 and an expert panel approved the Akkulka gas contract extension while removing a reinvestment obligation. Central processing upgrades are ~80% complete. Drilling: ARD#1 slated for early May (≈3,000m) and KBD-5 for early August 2026 (≈2,500m).
Tethys Petroleum (OTC: TETHF) announced a corporate update on operations in Kazakhstan, including a formal transition of the Kul-Bas oil field to a Production Period from Feb 17, 2026 to Jul 27, 2048.
Current oil output from wells KBD-02, KBD-06 and KBD-07 averages ~382 tons/day in 2026, with gas production ~227,000 m³/day. Equipment faults have limited output; commissioning a gas turbine and a new compressor is expected to raise oil capacity to ~700 tons/day. The Board approved drilling ARD-01 (Kronos) from May and appraisal well KBD-05 in July/August; a second Aral-4 prospect is under evaluation.