Source: Tethys Petroleum.
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  • Tethys Petroleum (TPL) has filed its interim financial results for the three months ended March 31, 2022
  • The KBD-02, KBD-06, and KBD-07 wells are in their trial production phase, averaging about 350 tons per day
  • Tethys Petroleum expects to complete its KBD-04 well drilling around June 20th
  • Tethys Petroleum focuses on oil and gas exploration and production activities in Central Asia and the Caspian Region
  • Tethys Petroleum Ltd (TPL) remains unchanged, trading at C$0.80 per share as of 12:45 pm ET

Tethys Petroleum (TPL) has filed its interim financial results for the three months ended March 31, 2022.

The company has file the full interim results together with Management’s Discussion and Analysis with the Canadian securities regulatory authorities.¬†

Production update

The KBD-02, KBD-06, and KBD-07 wells are in their trial production phase, averaging about 350 tons per day. The KBD-03 well is in its 90 day production period in the Aptian zone. It is producing approximately 110 tons per day using a 9 mm choke.

On the KBD-08 well, the Company performed a successful selective acid treatment in the Jurassic zone, proving the existence of an oil reservoir. The well did not flow naturally post acidizing job and may be produced by artificial lift techniques.

The Company has decided to isolate the Jurassic and re-complete the well in the upper zone, Barremian, then perform production testing.

Exploration update

The Company completed the drilling on the 600 meter KUL-04 gas well. No gas reservoirs were discovered and the well has been plugged and abandoned.

Tethys Petroleum expects to complete its KBD-04 well drilling around June 20th. It has reached a depth of over 1,500 meters. The Company also plans to go forward with the acquisition of additional 2D seismic in regards to potential oil prospects.

Normal Course Issuer Bid update

As of May 19th, the Company has repurchased 520,360 shares. This forms part of the 5,377,000 common shares that it is approved to acquire until February 7, 2023.

Gas price

The company has received a letter from the National gas company indicating that the price for gas is to be reduced to a range of $40-60 USD per thousand cubic meters.

This is a significant reduction from the average gas price of approximately $114 USD per thousand cubic meter received in the fourth quarter of 2021. The Company is reviewing options for future gas sales. 

Tethys Petroleum focuses on oil and gas exploration and production activities in Central Asia and the Caspian Region. The Company believes that significant potential exists in both exploration and in discovered deposits in the area.

Tethys Petroleum Ltd (TPL) remains unchanged, trading at C$0.80 per share as of 12:45 pm ET.

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