Tethys Petroleum Press Release: Interim Results and Corporate Update

Core Viewpoint - Tethys Petroleum Limited reported a significant decline in oil and gas sales and net income for the second quarter of 2024, primarily due to reduced oil production [2][3]. Financial Highlights - Oil and gas sales decreased by 47% to $4.8 million in Q2 2024 from $9.1 million in Q2 2023 [2]. - Net income for the period was $1.4 million, down from a profit of $4.0 million in the same period of 2023 [2]. Operations Update - Test production from the KBD-10 and KBD-11 wells commenced on April 8, 2024, totaling approximately 28,500 tons [3]. - KBD-11 has produced 109 tons using a 7 mm choke [3]. - The company is pursuing a commercial license for the production and sale of oil [3]. - Ongoing negotiations with QazaqGaz regarding payment and pricing for gas production, with gas fields currently shut in [3]. Company Overview - Tethys is focused on oil and gas exploration and production activities in Central Asia and the Caspian Region, believing in significant potential in both exploration and discovered deposits in the area [4].