Tethys Petroleum Limited provides a further update.
The Board and Executive Management believe that good progress has been made since the recent Board changes.
•Agreement to restructure Georgian project
•Substantial Corporate G&A and Kazakhstan cost reductions
•New US$6 million loan financing
•Extension of Akkulka Exploration Contract for 4-years
•Signed 2015 gas sales contract
•Doubled gas production levels
•Mechanical completion of dehydration facilities on time, on budget, zero LTI's
The Company is pleased to announce that it has reached agreement subject to finalising documentation with its partner, Georgian Oil and Gas "GOG," to remove its current funding obligations of approximately US$4 million under the farm-out agreement signed in July 2013, through reducing its interest in these projects.