Tethys Petroleum Limited reported a 33% increase in revenue for the third quarter of 2025, reaching $7.1mn, up from $5.4mn a year earlier. The rise is mainly attributed to higher oil production volumes from its active wells. The company posted a net profit of $1.4mn for the period, compared to a $0.6mn loss in Q3 2024.
Production growth across key wells
The company is maintaining oil output from wells KBD-02, KBD-06 and KBD-07, with average daily production increasing from 330 tonnes to 390 tonnes over the past month. Output is expected to reach 500 tonnes per day within a week, assuming the second gas compressor is commissioned and the second gas turbine is successfully repaired.
Natural gas output from the Kyzyloi and Akkulka fields is averaging about 235,000 cubic metres per day from 21 operating wells. Targeted workover and well services are underway to reactivate several previously suspended wells, aiming to stabilise and potentially boost near-term output volumes.
Exploration activity and drilling prospects
Seismic interpretation of the Aral-4 structure has been completed, with one or two potential drilling sites identified. At Diyar, preliminary seismic analysis has yielded unfavourable results in the southern part of the licence. However, geological assessments continue in the northern Diyar area and southern part of the Zhanasu licence.
Regulatory dispute and stable labour relations
The company finalised new collective agreements in November 2025 for its workforce under Kul-Bas LLP, TethysAralGas LLP and DMS Services LLP. These agreements, concluded as part of routine labour management, reflect a stable industrial climate across operations.
On the regulatory front, Tethys confirmed that its appeal was dismissed regarding the extension of the Akkulka Oil contract (licence no. 265), originally rejected by the Astana Economic Court. The company now plans to escalate the matter to the Supreme Court through cassation appeal, noting that this asset had already been impaired in earlier financial statements.
Acquisition offer under review
Tethys stated it has received a response from Fincraft Group LLP to its acquisition proposal. A special committee of independent directors will conduct a full review before issuing a formal position. No timeline has been disclosed regarding the conclusion of this review.
