Tethys Petroleum Limited has signed a Memorandum of Understanding with PetroChina International Kazakhstan Ltd and also provide a corporate update to our shareholders.
•Updated vision and strategy announced focussed on capital discipline, the generation of cash flow from existing reserves and maturing exploration acreage
•MOU signed with PetroChina to explore the feasibility of a long-term and mutually beneficial cooperation in natural gas and crude oil deliveries
•Tajikistan 2015 exploration budget reduced by nearly a third
•Proceeds of US$6 million loan facility received
•Restructuring agreement with Georgian Oil and Gas completed, removing current funding obligations of approximately US$4million
•In Kazakhstan work is about to commence on the AKK14 and AKK05 workovers which are anticipated to be brought on stream in Q2 2015 and increase production to a planned level above 570 mcm/day
•Sales oil price agreed at the well head of US$13/barrel for January and February 2015