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Tethys Petroleum signs Memorandum of Understanding with PetroChina


Published Mar 3, 2015
Tethys Petroleum Limited-2

Tethys Petroleum Limited has signed a Memorandum of Understanding with PetroChina International Kazakhstan Ltd and also provide a corporate update to our shareholders.

Highlights: •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

Tags: Tethys Petroleum Limited




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