Tethys Petroleum Press Release: Annual Results and Corporate Update
Tethys Petroleum (TSXV: TPL) has released its Annual Results for 2023, reporting a decrease in oil and gas sales by 44% to $36.5 million from $65.5 million in 2022. The profit for 2023 was $9.7 million compared to $12.3 million in 2022. Operations are ongoing with test production from KBD-10 and KBD-11 wells starting on April 8th, averaging around 340 tons per day. The Company is working towards obtaining a commercial license for oil production and is engaged in gas contract negotiations with QazaqGaz, with gas fields currently shut in.
- Decrease in oil and gas sales by 44% to $36.5 million in 2023
- Profit for 2023 was $9.7 million compared to $12.3 million in 2022
- Test production from KBD-10 and KBD-11 wells commenced on April 8th, averaging around 340 tons per day
- Company working towards obtaining commercial license for oil production
- Engaged in gas contract negotiations with QazaqGaz
- Lower production volume and prices led to a decrease in sales
- Gas fields remain shut in pending resolution with QazaqGaz for payment and pricing
- Profit decline from 2022 to 2023
Grand Cayman, Cayman Islands--(Newsfile Corp. - April 26, 2024) - Tethys Petroleum Limited (TSXV: TPL) ("Tethys" or the "Company") today announced that it has filed its Annual Results for the year ended December 31, 2023 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 averaged about 340 tons per day.
Regulatory update
The Company is in the process of trying to obtain the commercial license for the production and sale of oil, and is hoping to be able receive the necessary approvals and commence production during the second quarter.
Gas Contract Negotiations
The Company is continuing to pursue a resolution with QazaqGaz in regards to 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
info@tethys-group.com
www.tethys-group.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/207106
FAQ
What was the decrease in oil and gas sales for Tethys Petroleum in 2023?
When did test production from the KBD-10 and KBD-11 wells start?
What is Tethys Petroleum's profit for 2023 compared to 2022?
What is Tethys Petroleum working towards obtaining?
With whom is Tethys Petroleum engaged in gas contract negotiations?
