HONG KONG, March 16, 2021 (GLOBE NEWSWIRE) -- Summing up the results of 2020, OLISOL Petroleum Limited (hereinafter referred to as “Olisol”) is pleased to announce the expansion of its operations in the field of exploration in 2020. Olisol has increased oil production at operating wells in Kazakhstan and Uzbekistan, and has increased its trading of petroleum products in Central Asia. Olisol has benefitted from the positive dynamics of oil and oil products on the world market in 2021, which has resulted in a higher valuation for the company. Olisol continues to follow its policy of investing in the oil and gas industry and has a positive view on gas industry prospects in the long term.
Olisol's investment in Tethys Petroleum Limited (hereinafter referred to as “Tethys”) is promising. Tethys is developing three oil and gas fields in Kazakhstan (Kul-Bas, Akkulka, Kzyloy) with great potential. Tethys reported an updated reserve report on the Kul-Bas field that reflected 224.3 million Total Proved and Probable oil reserves. Tethys is planning to prioritize drilling in Kul-Bas to prove up the field in 2021. Olisol has increased its stake in Tethys to 23.4% and is optimistic for the near outlook. New gas wells AKK-100 and AKK-101 were successfully put into operation at the Akkulka field, and Tethys is in the planning process for up to 4 additional wells at Akkulka in 2021. The introduction of new gas wells will increase the production of natural gas, and the establishment of new oil wells will reduce the cost per barrel of oil and increase profitability. Olisol believes the current oil and natural gas activities will create a strong financial position for Tethys and the shareholders of the company.
Olisol fully trusts the Board of Directors of Tethys in the development of the progress strategy, the implementation of the credit and financial policy, and also supports the policy of the companies affiliated with Tethys in Kazakhstan.

About Olisol

Olisol is headquartered in Almaty, Kazakhstan and its subsidiaries and affiliates have investments in energy and oil and gas operations in the Russian Federation, Kazakhstan, Kyrgyzstan, Uzbekistan. Olisol has worked with Tethys in Kazakhstan for over ten years, is joint owner of the Aral Oil Terminal with Tethys and has its own fleet of special oil trucks involved in oil transportation from Tethys’ oil fields. Olisol, through its affiliates, is engaged in railroad transportation, processing of oil, storage and sale of oil products.

Disclaimer

Some of the statements in this press release are forward-looking. When used in this document, the words “expects,” “believes,” “anticipates,” “plans,” “may,” “will,” “intends”, “should” and similar expressions, and the negatives thereof, are intended to identify forward-looking statements. Such statements are not promises or guarantees, and are subject to risks and uncertainties that could cause actual outcomes to differ materially from those suggested by any such statements including risks and uncertainties with respect to the foregoing. No part of this announcement constitutes, or shall be taken to constitute, an invitation or inducement to invest in the Company, Tethys or any other entity, and shareholders of Tethys, are cautioned not to place undue reliance on the forward-looking statements. Save as required by applicable law, the Company does not undertake to update or change any forward-looking statements to reflect events occurring after the date of this announcement.

Authorized Point of Contact:

OLISOL Petroleum Limited
info@olisol.ch