Grand Cayman, Cayman Islands--(Newsfile Corp. - November 1, 2024) - Tethys Petroleum Limited (TSXV: TPL) ("Tethys" or the "Company") is pleased to announce that it has today received the necessary gas flaring permit, a critical milestone in advancing its oil production operations in Kazakhstan.
Regulatory Update
With this long-anticipated approval in hand, Tethys now moves to the final regulatory step: obtaining the Ecology permit. The Company is hopeful about receiving this permit by November 18, 2024, which will enable the start of its oil production from wells KBD #2, KBD #6, and KBD #7.
The Company will continue to actively engage with the Ministry of Energy to expedite the signing of the Production Contract, which will extend the Kul Bas oil field's production period until July 2048 and allow the Company to export oil. With the gas flaring permit now in place, the Company hopes that, after this extended waiting period, the remaining steps, including the approval of the Production Contract application, will proceed in a timely manner.