Scandoil  

Tethys Petroleum downsizes, closing offices and seeing significant staff reductions


Published Jan 23, 2015
Tethys Petroleum Limited-2

Tethys Petroleum Limited provides a further update.

The Board and Executive Management believe that good progress has been made since the recent Board changes.

Key achievements:

•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

Georgia

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.

Tags: Tethys Petroleum Limited




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