Tethys Petroleum: Moves Kazakh Office and Adjusts Georgia Seismic Work Plan
Tethys partner in Georgia, Georgia Oil and Gas Limited (“GOG”), has been notified by the Georgian State Agency of Oil and Gas that GOG and Tethys will not be required to complete the previously agreed work programme commitment to conduct 50 km of 2D seismic acquisition in Block XIN by June 30, 2017 which would have cost Tethys approximately US$700,000.
Had the minimum commitments previously agreed not been met then Tethys may have been subject to penalties of up to US$2 million.
Instead of the previously agreed commitment the agency will evaluate whether the partners should instead conduct 50 km of 2D seismic acquisition over an alternative prospective area. The deadline for any such work has not yet been determined.
Kazakhstan Change of Registered Address and Relocation of Office to Aktobe City
In December 2016 Tethys completed the transfer of the registered legal addresses of its three Kazakhstan subsidiaries, Tethys Aral Gas LLP, Kul-bas LLP and Tethys Services Kazakhstan LLP from Almaty to Aktobe City.
Tethys also plans to relocate its main administrative office from Almaty to Aktobe City during the first half of 2017 where it already has an office.
These changes are part of an ongoing process of corporate reorganisation and cost optimisation. Tethys field operations and exploration acreage are both in the Aktobe region which is in the west of Kazakhstan and Aktobe City is the main regional centre.
