BAKU, Azerbaijan, Aug. 28
By Nargiz Sadikhova - Trend:
Tethys Petroleum Limited which operates assets in Kazakhstan and Georgia is in the process of pursuing financing options to help fund development plans, Trend reports with reference to the company.
The company said that it has entered into a gas prepayment transaction and received approximately $7.7 million.
Tethys has entered into a further amendment to the AGR loan agreement allowing the company to pay $4 million by August 31 and $3 million by year-end as full payment of the outstanding obligation.
“The Company will use part of the gas pre-payment proceeds to make the $4 million payment to AGR. The planned use of the additional proceeds has not yet been determined but is under consideration. The Company is also in the process of pursuing financing options to help fund development plans,” the company said.
Tethys is focused on oil and gas exploration and production activities in Central Asia and the Caspian Region.
The company operates four contracts in Kazakhstan: Kyzyloi Production Contract and Akkulka Production Contract (gas contracts), Akkulka Exploration Contract (includes Doris oil field and others), and Kul-bas E&P Contract.
The company plans to increase existing gas production by drilling new wells and tying in existing ones. The company is also in the process of discovering exploration upside potential from Klymene prospect in the Kul-Bas area.
Follow the author on twitter: @nargiz_sadikh