Tethys Petroleum Limited

Equities

TPL

KYG876361257

Oil & Gas Exploration and Production

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May. 17	Tethys Petroleum Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
2023	Tethys Petroleum Limited Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023	CI

Tethys Petroleum Press Release: Corporate Update

May 31, 2024 at 04:40 pm EDT

Grand Cayman, Cayman Islands--(Newsfile Corp. - May 31, 2024) - Tethys Petroleum Limited (TSXV: TPL) ("Tethys" or the "Company") is pleased to provide an update on the Company's operations in the Republic of Kazakhstan.

Operations update

Test production from the KBD-10 and KBD-11 wells has totaled about 11,000 tons through May 27. KBD-11 perforated a new Upper Barremian zone on May 18^th and has averaged about 275 tons per day over the last ten days. KBD-10 continues to produce about 24 tons per day.

Regulatory update

The Company is continuing to push for an explanation on the delays for obtaining the commercial license for the production and sale of oil. No satisfactory explanation has been provided.

Gas Contract Negotiations

The Company has not yet reached a resolution with QazaqGaz in regards to payment and price for gas production. The Company is trying to receive an appropriate payment or have the gas that has been delivered returned. The gas fields remain shut in.

The Board of Directors has approved an effort for Management to solicit offers to sell the gas fields using a starting price of $50 million.

Planned Reductions

The Company is in the process of preparing significant head count reductions given the continued delays and uncertainty created from the commercial license approval and the non-payment from QazaqGaz.

About Tethys

Tethys is focused on oil and gas exploration and production activities in Central Asia and the Caspian Region.

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

Corporate Logo

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/211320

Latest news about Tethys Petroleum Limited

Tethys Petroleum Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	May. 17	CI
Tethys Petroleum Limited Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023	Nov. 14	CI
Tethys Petroleum Limited Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023	23-08-17	CI
Tranche Update on Tethys Petroleum Limited's Equity Buyback Plan announced on February 7, 2023.	23-05-18	CI
Tethys Petroleum Limited Reports Earnings Results for the First Quarter Ended March 31, 2023	23-05-18	CI
Tranche Update on Tethys Petroleum Limited's Equity Buyback Plan announced on February 4, 2022.	23-04-27	CI
Tethys Petroleum Limited Reports Earnings Results for the Full Year Ended December 31, 2022	23-04-27	CI
Tethys Petroleum Limited's Equity Buyback Plan Extended till February 10, 2024.	23-03-28	CI
Tethys Petroleum Limited's Board intends to launch an Equity Buyback.	23-02-07	CI
Tethys Petroleum Limited authorizes a Buyback Plan.	23-02-06	CI
Tethys Petroleum Limited announces an Equity Buyback for 5,805,361 shares, representing 5% of its issued share capital.	23-02-06	CI
Tethys Petroleum Limited's Equity Buyback announced on February 4, 2022 has expired with 1,009,740 shares, representing 0.94% for $0.64 million.	23-02-06	CI
Tranche Update on Tethys Petroleum Limited's Equity Buyback Plan announced on February 4, 2022.	23-02-06	CI
Tethys Petroleum Limited Approves Quarterly Dividend, Payable on February 9, 2023	23-01-18	CI
Tethys Petroleum Limited Announces Exploration Update	22-10-26	CI
Tethys Petroleum Limited Approves Dividend, Payable on November 10, 2022	22-10-26	CI
Tranche Update on Tethys Petroleum Limited's Equity Buyback Plan announced on February 4, 2022.	22-10-26	CI
Tethys Petroleum Limited Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2022	22-10-26	CI
Tethys Petroleum Limited Appoints Don Streu to the Board of Directors	22-09-16	CI
Tethys Petroleum Limited Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2022	22-08-25	CI
Tranche Update on Tethys Petroleum Limited's Equity Buyback Plan announced on February 4, 2022.	22-08-23	CI
Tethys Petroleum Announces Board Changes	22-06-10	CI
Tethys Petroleum Limited Announces Production and Exploration Update	22-05-20	CI
Tranche Update on Tethys Petroleum Limited's Equity Buyback Plan announced on February 4, 2022.	22-05-20	CI
Tethys Petroleum Limited Reports Earnings Results for the First Quarter Ended March 31, 2022	22-05-20	CI

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Company Profile

Tethys Petroleum Limited is an oil and gas exploration and production company focused on Central Asia and the Caspian Region with projects in Kazakhstan. Through its subsidiaries, TethysAralGas LLP and Kul-Bas LLP, it operates over four contracts in the North Ustyurt basin to the west of the Aral Sea adjacent to the prolific Pre-Caspian basin. It has a 100% working interest in the Kyzyloi Production Contract (449 square kilometers (km2)), Akkulka Exploration License and Contract (827 km2), Akkulka Production Contract (396 km2) and Kul-Bas Exploration and Production Contract (7,632 km2). The Kul-Bas exploration and production contract area surrounds the Akkulka block, which has an exploration area of over 7,632 km2. Kyzyloi and Akkulka gas development fields are tied into the Bukhara-Urals gas pipeline by an over 56-kilometer pipeline owned and built by the Company. The Doris oil field provides over two oil-bearing zones, the lower zone and an upper, lower cretaceous sandstone zone.

Sector

Oil & Gas Exploration and Production

Calendar

2024-08-13 - Q2 2024 Earnings Release (Projected)

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