On August 29, 2024, Tethys Petroleum Limited announced the filing of its interim results for the three months ended June 30, 2024, with Canadian securities regulatory authorities. The documents submitted include Audited Financial Statements, Management’s Discussion and Analysis, and other necessary forms. Interested parties can access these documents through SEDAR at www.sedar.com or on Tethys’ website at www.tethys-group.com.
In terms of financial highlights, oil and gas sales decreased by 47% to $4.8 million in the three months of 2024 from $9.1 million in 2023, primarily due to a reduction in oil production. The net income for the period was $1.4 million compared to a profit of $4.0 million in 2023.
Operational updates indicate test production from the KBD-10 and KBD-11 wells began on April 8th, with a total of approximately 28,500 tons produced. Test production on KBD-11 in the Upper Barremian zone recently commenced, generating 109 tons using a 7 mm choke.
The Company is actively pursuing a commercial license for the production and sale of oil. Additionally, negotiations are ongoing with QazaqGaz regarding payment and pricing for gas production, as the gas fields remain shut in.
Tethys focuses on oil and gas exploration and production activities in Central Asia and the Caspian Region, believing in the significant potential for exploration and discovered deposits in the area.
It is important to note that some statements in this document are forward-looking. Shareholders are advised not to place undue reliance on forward-looking statements, and the Company does not commit to updating or changing these statements to reflect events occurring after the announcement date.
The TSX Venture Exchange and its Regulation Services Provider do not take responsibility for the accuracy or adequacy of this release. More information can be found at the source version of this press release at https://www.newsfilecorp.com/release/221568.
SOURCE: Tethys Petroleum Limited
