Tethys Petroleum Limited

Equities

TPL

KYG876361257

Oil & Gas Exploration and Production

Market Closed - Toronto S.E. Other stock markets 12:27:25 2024-04-26 pm EDT			5-day change	1st Jan Change
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2023	Tethys Petroleum Limited Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023	CI
2023	Tethys Petroleum Limited Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023	CI

Tethys Petroleum Press Release Corporate update

March 21, 2024 at 07:40 am EDT

Grand Cayman, Cayman Islands - 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.

Regulatory update

On March 12, Tethys received gas flaring permits for exploratory wells from the Ministry of Energy. Subsequently, Tethys completed an application for an ecology permit, which is essential for oil production from the KBD-10 and KBD-11 wells scheduled for April. The Company hopes to receive the approval by April 5.

Regarding the commercial license, while the Working Group for the Gas Processing Program of the Ministry of Energy provided a positive review on March 1, the Ministry has not yet issued the official minutes of the Working Group, causing a delay beyond the March 15 deadline. Consequently, Tethys has initiated the process of reapplying for the ecology permit necessary for commercial production. The Company is hoping to receive the commercial license by the end of May. The oil handling and gas utilization facilities are not yet complete, but the Company expects to have them in place and operational when the commercial license is received.

Reserve report

Tethys engaged McDaniel and Associates Consultants to provide a reserve report as of December 31, 2023. This report has now been completed and was prepared in compliance with NI51-101, Standards of Disclosure for Oil and Gas Activities and the COGE Handbook. Overall, the total proved and total proved + probable reserves are up about 3.7 Mboe (8%) and 3.5 Mboe (4%) respectively. The following is a summary from the report:

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.

Contact:

Tethys Petroleum

Casey McCandless

Chief Financial Officer

Tethys Petroleum

Tel: 901-763-4001

Email: info@tethys-group.com

Latest news about Tethys Petroleum Limited

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
Tethys Petroleum Limited Reports Earnings Results for the Full Year Ended December 31, 2021	22-04-26	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

2024-05-16 - Q1 2024 Earnings Release (Projected)

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