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 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 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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