Welcome to our dedicated page for Tethys Petroleum news (Ticker: TETHF), a resource for investors and traders seeking the latest updates and insights on Tethys Petroleum stock.
Tethys Petroleum Limited (TETHF, TSXV: TPL) generates frequent corporate updates centered on its oil and gas operations in Kazakhstan and its broader focus on exploration and production in Central Asia and the Caspian Region. The news flow highlights how the company manages crude oil and natural gas extraction projects, regulatory processes, and corporate matters affecting shareholders.
Recent news releases describe oil production from wells KBD-02, KBD-06, and KBD-07 in the Kul-Bas Oil Field, including reported production levels and the impact of surface facility optimization, gas turbines, and gas compressors. Updates also cover natural gas production from the Kyzyloi and Akkulka Gas Fields, workover operations on gas wells, and plans to extend the Akkulka Gas Field subsoil use contract.
Readers can also find news on infrastructure and project development, such as upgrades to the Central Processing Facility at Kul-Bas, design and construction of a Gas Processing Facility, and a 6-inch, 18 kilometer gas pipeline. Exploration updates on the Aral-4 prospect and the Diyar, Zhanasu and Nurzhau blocks, including seismic fieldwork, processing and interpretation, are regularly reported.
Beyond operations, Tethys’ news includes regulatory and legal developments, arbitration rulings, court decisions, and corporate governance topics like Annual General Meeting results. The company has also issued releases about a non-binding letter of intent from Fincraft Group LLP to acquire Tethys, along with responses from a Special Committee of independent Directors.
This news page allows investors and observers to review Tethys Petroleum’s ongoing operational performance, project milestones, legal outcomes, and potential corporate transactions as disclosed in its official press releases.
Tethys Petroleum (TSXV: TPL) has received a important gas flaring permit for its Kazakhstan operations. The company now awaits the final Ecology permit, expected by November 18, 2024, which will enable oil production from wells KBD #2, KBD #6, and KBD #7. Tethys is also working with the Ministry of Energy to secure a Production Contract that would extend the Kul Bas oil field's production period until July 2048 and grant oil export rights.
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: 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: 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 has provided a corporate update on its operations in Kazakhstan. As of May 27, test production from the KBD-10 and KBD-11 wells reached 11,000 tons. KBD-11, perforated on May 18, has averaged 275 tons per day, while KBD-10 continues at 24 tons per day. The company faces delays in obtaining a commercial license for oil production, with no clear explanation provided. Negotiations with QazaqGaz about gas payments and prices remain unresolved, and gas fields are currently shut in. The board has approved seeking buyers for the gas fields, starting at $50 million. Due to ongoing delays and uncertainties, Tethys plans significant workforce reductions.
Tethys Petroleum has released its interim financial results for Q1 2024, showing a significant drop in oil and gas sales to $1.9 million, down 80% from $9.9 million in Q1 2023 due to halted oil production. The company reported a net loss of $983,000 compared to a $2.5 million profit in the same period last year.
Operationally, test production began at the KBD-10 and KBD-11 wells, producing a total of 8,200 tons. KBD-10 currently produces about 25 tons per day, down from an initial 300 tons per day. KBD-11 is set to test a new zone shortly.
Tethys is working to acquire a commercial license for oil production and continues to negotiate gas contracts with QazaqGaz, with gas fields remaining shut in.
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