On October 18, 2024, Tethys Petroleum Limited announced that it has received formal approval for the protocol required to advance its oil production activities in Kazakhstan, marking a significant milestone for the Company.
Following this approval, the Company will proceed to apply for a gas flaring permit, which is expected to be approved within two working days. Subsequently, Tethys will pursue the necessary ecological permit, the final regulatory step before commencing main oil production. It is anticipated that the ecological permit will be obtained by mid-November 2024, enabling production to begin from wells KBD #2, KBD #6, and KBD #7. Initial production levels during the preparatory period are expected to range from 400-500 tons per day.
In addition, Tethys is actively working with the Ministry of Energy to accelerate the signing of the Production Contract, which would extend the production period of the Kul Bas oil field until July 2048 and permit the Company to export oil. However, the timing of the approval for this application remains uncertain.
Furthermore, test production from exploratory wells KBD-10 and KBD-11 resumed in April 2024, with a total production of approximately 33,050 tons to date. The completion of oil handling and gas utilization facilities is underway in preparation for full production upon receipt of the ecological permit.
Tethys Petroleum Limited is a company focused on oil and gas exploration and production activities in Central Asia and the Caspian Region. The Company advises caution when interpreting forward-looking statements contained in this document, and shareholders are urged not to rely excessively on these statements.
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