Tethys is in the process of trying to secure a line of credit up to USD$30 million from a Kazakhstan bank. This financing is key for the Company’s operational plans for 2021.

Drilling Plans

Subject to Tethys securing financing, the company is planning to drill four wells in 2021 in the Kul-Bas field at distances of approximately 500-2000 meters away from KBD-02 (KBD-03, KBD-06, KBD-07, and KBD-08). The first well KBD-03 is scheduled to commence drilling in April if the loan or driller financing can be arranged. While KBD-03 is approved under the exploration license, the other three wells need approval from the MOE. These requests have been submitted.

On the Akkulka gas field Tethys is planning to drill up to 4 exploration gas wells, AKK-21, AKK-28, AKK-29, and AKK-30. The decision on whether or not to drill the later wells will be dependent upon the success of the earlier wells. On the Kyzyloi field Tethys is planning on drilling one gas development well, KYZ-121. All plans are subject to financing.

Reserves assessment

Tethys has received a resource report and reserves assessment from McDaniel on the Klymene field. This report was prepared in compliance with NI51-101, Standards of Disclosure for Oil and Gas Activities and the COGE Handbook. Their summary of mean reserves is estimated to be approximately 94.8 million barrels of crude oil with a P90 low estimate of approximately 35.8 million barrels and a P10 high estimate of approximately 174 million barrels.

KeyFacts Energy: Tethys Petroleum Kazakhstan country profile