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]