Tethys Petroleum secures two-year extension for Kazakhstan oil contract

Tethys Petroleum Limited announced on July 10, 2026, that it has secured a critical extension for its Kul-Bas Exploration and Production Contract in Kazakhstan. The Ministry of Energy of the Republic of Kazakhstan granted a two-year extension, moving the expiration date from the previous deadline to July 11, 2028. Contractual Terms and Work Program The extension allows the Grand Cayman-incorporated company to continue appraisal and development activities within the Kul-Bas block, which surrounds the Akkulka field. Under the revised terms, Tethys has committed to a specific work program involving the drilling of at least two exploration wells and the acquisition of new seismic data over the next 24 months. Failure to meet these technical benchmarks could result in financial penalties or forfeiture of the license area. Company filings indicate that the Kul-Bas license is essential for the firm’s long-term production targets in Central Asia. The extension follows a period of regulatory review by Kazakh authorities to ensure compliance with local content requirements and environmental standards. The company stated that the move provides the necessary timeframe to convert exploration…