Introduction to Tethys Petroleum Limited’s Operations in Kazakhstan
Tethys Petroleum Limited (TSXV: TPL, OTC: TETHF) has provided an update on its operations in the Republic of Kazakhstan, highlighting significant milestones and ongoing projects. The company is focused on oil and gas exploration and production activities in Central Asia, with a primary listing on the TSX Venture Exchange (“TSXV”).
The Ministry of Energy of the Republic of Kazakhstan issued an approval on December 19, 2025, for the transition of the Kul-Bas oil field to the Production Period through July 27, 2048. This approval is a critical milestone for the company, ensuring the continuation of production at Kul-Bas beyond the expiry of the current preparatory period in July 2026. The next step is to sign an Addendum to the Kul-Bas subsoil use contract reflecting the approved terms, expected to be signed by the end of January 2026, subject to completion of the required formal procedures.
Operations Update
Oil production from wells KBD-02, KBD-06, and KBD-07 has averaged approximately 425 tons per day in December, with fluctuations reflecting ongoing optimization of surface facilities. Work is underway on one of the gas turbines, expected to support higher production levels once the unit is returned to service. Commissioning activities on the new gas compressor are also continuing, with the potential to support increased production. Design and construction work on the field camp, oil processing, and storage capacity at the Central Processing Facility in the Kul-Bas Oil Field is progressing.
Natural Gas production from the Kyzyloi and Akkulka Gas Fields is currently averaging about 230,000 m³ per day from 21 gas wells. The company is also moving forward with design and construction work for the Gas Processing Facility and the 6-inch, 18 kilometer gas pipeline.
Extension of Akkulka Gas Field Subsoil Use Contract
The company submitted an application to the Ministry of Energy of the Republic of Kazakhstan to extend the Subsoil use contract for Akkulka Gas Field until December 2036, which currently expires in December 2026. The company expects to receive approval in January 2026, followed by the signing of the Addendum to the Akkulka subsoil use contract in February 2026, subject to completion of the required procedures.
Voluntary Delisting from the Kazakhstan Stock Exchange
The Board of Directors of Tethys Petroleum Limited has approved a resolution to proceed with a voluntary delisting of the company’s securities from the Kazakhstan Stock Exchange (“KASE”). Given the absence of meaningful trading activity on KASE over an extended period, the Board of Directors concluded that maintaining a secondary listing on KASE does not provide practical benefits to shareholders.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/279085
Smart Tip for Readers
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