Commercial license update
Tethys is moving forward on the necessary steps to achieve a license for commercial production. The Company completed the reserve estimation for Kulbas and a mining allotment of 67.72 km2 was approved at the end June. An application for securing a preparatory period of three years with the assigned mining allotment for the Kul Bas exploration and production contract was submitted to the
Oil Production
The Company produced 15,376 tons of oil in June and is planning to increase production about 15% for July-August if the logistics can accommodate the oil deliveries. KBD-11 can produce through mid-August from the Barremian zone, and Oil production from the pilot production is scheduled to expire on
Annual General Meeting
The Annual General Meeting has been scheduled for
Gas Contract Negotiations
The Company is continuing to pursue a resolution with QazaqGaz in regards to payment and price, and the gas field remain shut in. The Company is still trying to negotiate, but may be forced to initiate arbitration to get the matter resolved.
Auction for new exploration blocks
The Company chose not to participate in the latest auction for new exploration blocks given the constrained short term projected cash flows.
About Tethys
Tethys is focused on oil and gas exploration and production activities in
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
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