TORONTO, June 15, 2026 (GLOBE NEWSWIRE) -- Gazexport Limited (“Gazexport” or the “Company”), a significant shareholder of Tethys Petroleum Limited (“Tethys”), today provided an update regarding the loss of the Akkulkovskoye oil field license in the Republic of Kazakhstan and the potential implications for Tethys shareholders.
According to Gazexport, recent court proceedings in Kazakhstan involving a Tethys subsidiary and the Ministry of Energy of the Republic of Kazakhstan identified deficiencies related to the fulfillment of geological exploration and research obligations associated with the Akkulkovskoye field, ultimately resulting in the loss of the oil field license. The Company believes these developments may raise important corporate governance and disclosure considerations for shareholders.
Court Findings
On September 9, 2025, the Specialized Interdistrict Economic Court of Astana issued a decision in a case relating to the extension of the Akkulkovskoye field license. The court found that certain geological studies, reservoir analyses, and reporting obligations, including those relating to the reserves of the Akkulkovskoye field previously approved and recorded by the State Commission on Mineral Reserves of the Republic of Kazakhstan pursuant to Protocol No. 971-10-P dated October 6, 2010 (reflecting the state of exploration as of May 1, 2010), had not been completed in full or had been submitted with deficiencies. The court concluded that the submitted report did not fully satisfy applicable regulatory requirements and was filed after the prescribed deadline.
The court found that mandatory regulatory and technical obligations had not been properly fulfilled, leading to the revocation of the license. According to the court's findings, the identified deficiencies formed the basis for the revocation of the license, resulting in the loss of Tethys' rights to develop the Akkulkovskoye oil field.
Tethys subsequently filed an appeal. On October 21, 2025, the appellate court upheld the original decision and dismissed the appeal.
Disclosure and Shareholder Considerations
Gazexport is reviewing whether shareholders and the market received sufficient information regarding the judicial proceedings, the associated regulatory risks, and their potential impact on the Akkulkovskoye asset in a timely manner.
Gazexport believes the circumstances surrounding the loss of the license warrant further review from a corporate governance and shareholder protection perspective. In particular, Gazexport believes shareholders are entitled to understand how an asset containing significant remaining reserves was lost as a result of regulatory non-compliance identified by the courts.
Reserve and Revenue Impact
According to reserve data as of May 1, 2010, the Akkulkovskoye field contained 7.24 million tonnes of geological oil reserves in the C1 category and 2.38 million tonnes of recoverable oil reserves in the C1 category. Between 2011 and 2019, a total of 538,073 tonnes of oil were produced from the field. Based on these figures, Gazexport estimates that approximately 1.84 million tonnes of recoverable C1-category oil reserves, equivalent to approximately 14.1 million barrels of oil, remained undeveloped at the time the license was lost.
Based on internal estimates and current market assumptions, Gazexport believes the unrealized production potential of the field could have represented more than US$417 million in potential gross revenue over an estimated ten-year production period. Gazexport is also assessing the extent to which the loss of the Akkulkovskoye license may have affected the asset base and long-term value of Tethys.
Next Steps
The Company is currently evaluating potential legal and regulatory options available to assess disclosure-related matters, protect shareholder interests, and obtain greater clarity regarding the circumstances that led to the loss of the Akkulkovskoye license.
About Gazexport Limited
Gazexport Limited is an energy investment company focused on oil and gas opportunities in Central Asia. The Company also operates in the trading and transportation of crude oil and petroleum products and is a significant shareholder of Tethys Petroleum Limited.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of applicable securities laws. Such statements reflect current expectations, estimates, assumptions, and projections of the Company and involve known and unknown risks and uncertainties that may cause actual results to differ materially from those expressed or implied in such statements.
Forward-looking statements in this release include, but are not limited to, statements regarding estimated reserves, potential future revenues, legal assessments, shareholder impact, and possible regulatory or legal actions. Readers are cautioned not to place undue reliance on such statements.
For further information, please contact:
Gazexport Limited
www.gazexport.com
info@gazexport.com
