Tethys Petroleum Press Release (TPL): Interim Results and Corporate Update
Rhea-AI Summary
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.
Positive
- Oil and gas sales +70% to $10.4 million in Q2 2026 vs $6.1 million in 2025
- Revenue improvement in Q2 2026 compared with Q2 2025, according to Tethys
- Second gas compressor purchased and being installed at Kul-Bas Central Processing Facility
Negative
- Net result worsened to a $0.01 million loss vs $1.3 million profit in 2025
- Oil production below expectations in Q2 2026 due to technical failures in gas turbines
- Dependence on successful repairs of gas turbines and compressor commissioning for targeted production increases
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Grand Cayman, Cayman Islands--(Newsfile Corp. - August 24, 2026) - Tethys Petroleum Limited (TSXV: TPL) ("Tethys" or the "Company") today announced that it has filed its interim results for the three months ended June 30, 2026 with the Canadian securities regulatory authorities comprising its Unaudited 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.sedarplus.ca or on Tethys' website at www.tethys-group.com.
Financial highlights
Oil and gas sales increased by
Operational update
Revenues for Q2 improved from Q2 2025 but oil production levels fell short of expectations due primarily to technical failures in gas turbines. The Company is in the process of trying to repair and/or replace a turbine as soon as possible.
The Company has purchased a second gas compressor, which is currently being installed at the Kul-Bas Central Processing Facility. Once commissioned, the additional compressor is expected to double the gas compression capacity and, consequently, significantly increase associated gas utilization capacity at the facility.
Average oil production in August is currently estimated to be approximately 275 tons per day (2,200 bopd). Assuming the successful repair of one of the gas turbines by the end of August, average daily oil production is expected to increase to approximately 420 tons per day (3,360 bopd). Subsequently, following the repair of the second gas turbine and commissioning of the second gas compressor, average daily oil production is expected to further increase to approximately 645 tons per day (5,160 bopd) in October.
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 | info@tethys-group.com |
| 901-763-4001 | www.tethys-group.com |
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/311284