Tethys Petroleum Faces Setbacks and Resolves Dispute

Tethys Petroleum (TSE:TPL) has released an update.

Tethys Petroleum Limited has encountered setbacks in its Kazakhstan operations, with disappointing initial results from a test in the Jurassic zone and delays in obtaining necessary regulatory approvals for its main production wells. However, the company has resolved a gas price dispute with QazaqGaz, accepting a $6.9 million offer to avoid arbitration and facilitate liquidity for ongoing development plans. Tethys is actively pursuing legal measures to expedite the issuance of critical permits and is hopeful to restart gas production later in the year.

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