TASHKENT, UZBEKISTAN, Feb 17, 2011 (MARKETWIRE via COMTEX) —
Tethys Petroleum Limited (“Tethys” or the “Company”) (TSX: TPL) today announced the initial results of testing on the NUR96H2 horizontal development well at the North Urtabulak field in Uzbekistan. The well has now been tested at over 1,100 barrels of oil per day (bopd) and is now being put on production.
This well reached a total depth of 3,060 metres (10,039 feet) with a producing section of 437 metres (1,434 feet) of lateral hole within this.
Tethys believes there is significant additional potential in the North Urtabulak field and is currently evaluating other targets for horizontal drilling. In addition to the North Urtabulak oil field Tethys believes it has an opportunity to acquire additional development and exploration projects in Uzbekistan, a country it regards as having great long term potential to add value to shareholders.
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, 2009 for a description of risks and uncertainties relevant to our business, including our exploration activities.
Contacts: Tethys Petroleum Limited Sabin Rossi Vice President Investor Relations +1 416 572 2065 +1 416 572 2201 (FAX) info@tethyspetroleum.com www.tethyspetroleum.com Tethys Petroleum Limited TD Canada Trust Tower 161 Bay Street, 27th Floor Toronto N5J 2S1, Canada Mobile site: http://m.tethyspetroleum.com In Asia-Pacific Quam IR Anita Wan, Associate Director + (852) 2217-2999 + (852) 2217-2999 (FAX) anita.wan@quamgroup.com Quam IR 3/F Fung House 19-20 Connaught Road Central Hong Kong SAR, PRC
SOURCE: Tethys Petroleum Limited
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