Tethys Petroleum Press Release: Corporate update

Executive Summary

• The Ministry of Energy of Kazakhstan and Kul‑Bas LLP signed Addendum #14, officially commencing the Production Period for the Kul‑Bas oil field (Feb 17 2026 – Jul 27 2048).
• Current oil output from wells KBD‑02, KBD‑06, and KBD‑07 averages ~382 tons/day; after commissioning a new gas turbine and compressor, production is expected to rise to ~700 tons/day.
• Natural‑gas output from the Kyzyloi and Akkulka fields averages ~227,000 m³/day across 20 wells.
• The Board approved drilling of a new exploration well (Kronos/ARD‑01) on the Aral‑4 block starting May 2026, an appraisal well (KBD‑05) in Kul‑Bas slated for July/August 2026, and is evaluating a second prospect (Kulandy/ARD‑02) for possible later‑year drilling.

Key Details

• Addendum #14: Confirms the terms of the Kul‑Bas oil field Production Period from 17 Feb 2026 to 27 Jul 2048.
• Current Oil Production: ~382 tons per day (wells KBD‑02, KBD‑06, KBD‑07).
• Equipment Issues: Gas turbine unit and compressor currently limiting output; new gas turbine expected in a few days, new compressor being purchased.
• Projected Oil Production Post‑Commissioning: ~700 tons per day once new turbine and compressor are operational.
• Natural‑Gas Production: ~227,000 m³/day from 20 wells in the Kyzyloi and Akkulka gas fields.
• Drilling Plans – Exploration Well (Kronos/ARD‑01):
• Location: Aral‑4 block.
• Target zones: Barremian & upper Jurassic to 2,300 m; optional deepening to Middle Jurassic at 2,600 m.
• Start: May 2026.
• Drilling Plans – Appraisal Well (KBD‑05):
• Location: Kul‑Bas block.
• Start: July–August 2026.
• Prospect Evaluation – Kulandy/ARD‑02: Second prospect on Aral‑4 block; decision to drill anticipated later in 2026.

Notable Quotes

(No direct quotes were provided in the release.)