Friday, 1 February 2013

Tethys receives Kazakh gas boost

Tethys Petroleum (LON:TPL, TSE:TPL) has signed a new deal with the Kazakh authorities which effectively doubles the price it receives for gas from the Kyzyloi and Akkulka fields.
The company will supply up to 150 million cubic metres at a price of US$65 per thousand cubic metres.
Separately, it said the new Kazakhstan-China trunk line will provide “further upside”. Currently under construction, it will cross Tethys’s contract area, which contains net 2.1bn cubic metres of gas.
The London and Toronto quoted group believes its gas projects have significant potential. It has drilled 13 exploration wells, 11 of which have the capacity to produce commercial gas.
At the same time, further shallow gas leads have been identified.

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