Tethys Petroleum Limited (Cayman Islands) updates on current operations

16.10.18 16:07
/KASE, October 16, 2018/ – Tethys Petroleum Limited (Cayman Islands), whose shares are officially listed on Kazakhstan Stock Exchange (KASE), has provided KASE with the following press release of October 15, 2018: quote Tethys Petroleum Limited ("Tethys" or the "Company") today announces that it is now selling oil and gas at significantly improved prices and is making positive progress in other areas. Oil and gas prices and production Oil and gas have been sold at significantly improved prices in September compared with the average price reported by Tethys for the first six months of 2018. This has proven possible following the fulfilment of prior contractual commitments for oil, the general increase in market prices and resolution of legal disputes in the Kazakhstan Supreme Court earlier in the year. Oil production is currently averaging around 300 barrels of oil per day. Tethys sells oil at the wellhead and so does not incur transportation costs. Gas production averaged 327 Mcm per day in September. Tethys delivers gas to the sales point via its own pipeline and there are no associated transportation costs or sales cost. The Company anticipates making an operating profit in the fourth quarter from the higher prices and its lower cost base and the net cash generated will be used to help support the initiatives mentioned below. unquote [2018-10-16]