Afghan Bid Update
GRAND CAYMAN, CAYMAN ISLANDS, Sep 05, 2011 (MARKETWIRE via COMTEX) --
Tethys Petroleum Limited ("Tethys" or the "Company") (TSX: TPL)(LSE: TPL) today announced that it understands that the Chinese State Oil Company, CNPC, has won the tender for the Kashkari, Bazarkhami and Zamarudsay blocks in Northern Afghanistan which Tethys was also bidding for.
As a commercial oil and gas company Tethys could not offer the same terms as CNPC which, in Tethys' view, would make the project non-commercial. Tethys still believes there is good oil and gas potential in Afghanistan and will evaluate any other future opportunities there.
Tethys is focused on oil and gas exploration and production activities in Central Asia with activities currently in the Republics of Tajikistan, Kazakhstan and Uzbekistan. This highly prolific oil and gas area is rapidly developing and Tethys believes that significant potential exists in both exploration and in discovered deposits.
This press release contains "forward-looking information" which may include, but is not limited to, statements with respect to our operations. Such forward looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions. See our Annual Information Form for the year ended December 31, 2010 for a description of risks and uncertainties relevant to our business, including our exploration and development activities.
For further information, please contact:
Tethys Petroleum Limited
Vice President Investor Relations
Office: +1 416 572 2065
+1 416 572 2201 (FAX)
Mobile site: m.tethyspetroleum.com
In Europe: Tethys Petroleum Limited
Vice President Corporate Communications
Office: +44 1481 725911
+44 1481 725922 (FAX)
In Asia‐Pacific: Quam IR
Office phone/fax: +852 2217 2999
SOURCE: Tethys Petroleum Limited