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    TPL   KYG876361257

TETHYS PETROLEUM LIMITED

(TPL)
  Report
Delayed Quote. Delayed Bourse de Toronto - 10/15 05:00:00 pm
0.64 CAD   -9.86%
09/23TETHYS PETROLEUM : Annual General Meeting Results
AQ
09/10TETHYS PETROLEUM : Corporate Update
AQ
09/09Tethys Petroleum Limited Provides an Update on Current Drilling and Licensing Activities
CI
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Tethys Petroleum Limited Provides an Update on Current Drilling and Licensing Activities

09/09/2021 | 07:12am EDT

Tethys Petroleum Limited provided an update on current drilling and licensing activities. The exploratory well KBD-03 has been perforated and has generated commercial inflow in the Jurassic zone. The initial production as of (5 Sep. 2021) shows a daily rate of approximately 44 tons (approximately 300 bopd) using a 9mm choke. Management believes production may be enhanced through the use of acid to help stimulate the well and will consider this application to increase the amount of oil production. The AKK-28 shallow gas well has commenced testing and has been producing at a rate of 35,000 cubic meters per day using an 8 mm choke. Similar to AKD-12, this well is part of license #265. Permission to produce under this license is under application with an expectation of an announcement in late first quarter or early second quarter of 2022. A decision has not yet been made whether it will be necessary to build a new gas pipeline to this area or whether to use existing facilities (with the tradeoff risk being that this pressure could displace some existing production from other wells). Tethys is applying for a pilot license to produce oil from the Klymene field. The production area classified as C-1 includes three wells (KBD-02, KBD-06 and KBD-07). Other Klymene wells outside of this area are considered exploratory and are able to produce for 90 days per zone under the testing procedure. After the test period, the wells are then required to be shut-in pending license approval. KBD-06 was recently completed with encouraging signs from the logs. The plan is to test this well when allowed upon the issuance of the pilot license. KBD-07 has not been drilled but is expected to be spudded soon (along with KBD-08). There are two primary Committee approvals necessary for the pilot license to be issued. The Committee has granted the first approval but reduced the allowed amount of production under the license to approximately 180,000 tons of oil during the pilot license period. Management estimates this production at approximately 395 tons/day during the period (ending December 31, 2022). This compares with the approximate 600 tons/day of production from KBD-02 on its test from the Lower Aptian zone. Given the historical production rate exceeding the planned production rate and the addition of two additional wells to help supplement production, management and the board of Tethys feel confident in being able to produce the approved 180,000 tons. Tethys has already sold approximately 38,000 tons in a recent presale of oil and will consider additional presales going forward. The 180,000 ton limit does not include or limit the production from the offset wells (such as KBD-03) that are considered exploratory.


© S&P Capital IQ 2021
All news about TETHYS PETROLEUM LIMITED
09/23TETHYS PETROLEUM : Annual General Meeting Results
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07/13Tethys Petroleum Limited Announces Drilling Update
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07/13Tethys Petroleum Announces Drilling Update
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Financials
Sales 2020 13,0 M - -
Net income 2020 -38,5 M - -
Net Debt 2020 3,80 M - -
P/E ratio 2020 -0,92x
Yield 2020 -
Capitalization 55,6 M 55,6 M -
EV / Sales 2019 4,75x
EV / Sales 2020 4,34x
Nbr of Employees 280
Free-Float 51,7%
Chart TETHYS PETROLEUM LIMITED
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Tethys Petroleum Limited Technical Analysis Chart | TPL | KYG876361257 | MarketScreener
Income Statement Evolution
Managers and Directors
William Paul Wells Executive Chairman & Chief Executive Officer
Casey Scott McCandless Chief Financial Officer
Adeola Ogunsemi Independent Non-Executive Director
Abay Amirkhanov Independent Non-Executive Director
Mattias Sjoborg Non-Executive Director
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