Tethys Petroleum
Tethys Petroleum Limited's strategy is to create shareholder value by building an oil and gas exploration and production company focused on Central Asia in areas with substantial oil and gas potential, building on the strengths of its management team and with a mix of short-term cash flow and upside potential. Currently Tethys has projects in Kazakhstan, Tajikistan and most recently Uzbekistan. Tethys is listed on the Toronto Stock Exchange in Canada and the RFCA Exchange in Almaty, Kazakhstan.
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Tethys Petroleum announces intention to list in Hong Kong
Tethys Petroleum Limited (TSX: TPL) announced that it is pursuing a secondary listing on the Hong Kong Stock Exchange (HKEx). Following speculation, Tethys moved to confirm that it has submitted a Form A1 listing application to the HKEx.
The company said that there is no definite timetable for the listing and there is no guarantee that the Company's application will be successful.
Tethys Petroleum is focused on oil and gas exploration and production activities in Central Asia with activities currently in the Republics of Tajikistan, Kazakhstan and Uzbekistan.
In its third quarter statement, announced yesterday Tethys revealed a 60% year-on-year rise in third quarter revenues and that pre-tax losses narrowed to US$3.94 million from US$4.96 million in the three months to end-September 2008.
Production revenues for the quarter from Kazakhstan and Uzbekistan totaled some US$2.43 million compared to US$1.484 million for the same period in 2008.
In the first nine months, revenues rose to US$5.75 million from US$4.84 million a year earlier, while pre-tax loss widened to US$15.5 million from US$14.6, mainly due to an increased forex loss.
As at September 30, in Uzbekistan products valued at US$815,000 were stored in inventory. This stock is being held in inventory for a batch sale.
In its latest update for investors on its operations in Central Asia at the end of October, Tethys said it had identified the location for the next development well at the North Urtabulak field in Uzbekistan and commenced production testing at one of the two hydrocarbon bearing intervals in the AKD01 well at Akkulka in Kazakhstan.
Operations in Tajikistan have been focused on stabilising the KOM200well at East Komsomolsk after a significant gas influx was encountered in the upper section of the well, which is being conditioned for further drilling from the current depth of 1,020 metres. The well was in the first reservoir zone, where a further significant gas influx occurred with up to 78 percent methane being observed at surface. Tethys also said its East Olimtoi (EOL09) exploration well was at its next planned casing point at a depth of 2,910 metres.
The company also announced in October it had selected the location for the NUR116 development well at the North Urtabulak oilfield in Uzbekistan.
