Tethys Petroleum Press Release: Corporate update

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Grand Cayman, Cayman Islands--(Newsfile Corp. - March 20, 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.

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:


2023
2022
Reserve Category Barrel of Oil   Barrel of Oil    

Equivalent (net Mboe)
Equivalent (net Mboe)
Total Proved Reserves 49,493  
45,814  
Total Proved and Probable 85,676   82,193    
Total Proved, Probable, and Possible 126,454   124,534    

 

  2023

2022
 











  Total of NPV after

Total of NPV after 

  taxes ($M US Dollars)

taxes ($M US Dollars)

 











Reserve Category 0.00%
10.0%
0.00%
10.0%
Total Proved Reserves $640,549 $383,223 $603,795 $361,274
Total Proved and Probable $1,190,616 $628,707 $1,174,301 $610,474
Total Proved, Probable, and Possible $1,876,916 $883,849 $1,888,997 $891,946​

 

  Crude Oil NPV



Crude Oil NPV
 
         
 Reserve Category 0.00%
10.0%
0.00%
10.0%
 Total Proved Reserves $628,240 $373,235 $576,885 $340,032
 Total Proved and Probable $1,166,837 $612,370 $1,130,528 $580,471
 Total Proved, Probable, and Possible $1,845,856 $863,768 $1,836,017 $857,825

 


Natural Gas NPV



Natural Gas NPV

 
 Reserve Category 0.00%
10.0%
0.00%
10.0%
 Total Proved Reserves $12,309 $9,988 $26,910 $21,242
 Total Proved and Probable $23,779 $16,337 $43,773 $30,003
 Total Proved, Probable, and Possible $31,060 $20,081 $52,980 $34,121

 

The difference in the estimated reserve value on the gas fields is due to a reduction in the expected prices.

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

[email protected]
www.tethys-group.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/202470

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