Tethys Petroleum Limited (TSXV: TPL) ("Tethys" or the "Company") is pleased to provide an update on the Company's operations in the
of Kazakhstan.
Oil commercial license and plans
On January 25, 2024 the Company has successfully presented the Kul Bas Field Development plan to the Central Committee on Exploration and Development (CCED) and is expecting to receive the official protocol within two weeks. This approval is critical toward achieving a license for commercial production. The next steps are to get approval for the gas utilization program, secure ecology and gas flaring permits and successfully install the necessary equipment for the gas utilization and oil handling. The goal is to start commercial production by early April, 2024.
Current Cash
As of this date, Tethys has approximately $5.5mm in cash. While there are ongoing expenses, the current expectation of management is that Tethys will retain sufficient operating liquidity until the time of the resumption of oil production.