Tethys Petroleum announced Thursday that its production output from Kazakhstan in May 2015 averaged 5,408 barrels of oil equivalent per day, which is the highest rate since June 2013.
The figure was a 19 percent increase on April’s production rates and well above the average 2015 production to date, which stands at 4,585 barrels of oil equivalent per day. Tethys Petroleum’s latest figures follow restructuring and cost reduction operations at the company, which saw a 50 percent decrease of corporate and regional overheads, according to Tethys.
Tethys Petroleum Chairman John Bell commented in a company statement:
"We continue to focus on managing our cost base to further reduce our overheads while at the same time steadily increasing our production rates. We are delighted to report that our Kazakhstan production for May 2015 was up 19% on April, and a record rate since June 2013."
Tethys recently reported the successful production start-up of the AKK14 shallow gas well post workover and the commencement of the workover of the AKK05 gas well, in Kazakhstan. The company is currently working towards the exploration mapping of the northern half of the Tajikistan PSC area and aims to site a well in the region with its joint venture partners in 2016.
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