BOZOI, KAZAKHSTAN, Dec 30, 2011 (MARKETWIRE via COMTEX) –Tethys Petroleum Limited (“Tethys” or the “Company”) (TSX: TPL)(LSE: TPL) today provided an update on oil transportation and sales in Kazakhstan.
Due to extremely adverse winter weather conditions, part of the road along which the oil is trucked has been temporarily closed by the Kazakh authorities. This is the northern section of the route from Shalkar to Emba, which passes through the Mugodzhar Hills, a highland area more prone to snow drifts. It is expected that trucking to Emba will resume once the weather conditions improve which is forecast to be soon. To date December oil production loaded to trucks has averaged 1,860 barrels of oil per day (“bopd”).
The southern section of the route, from the Doris field production facilities to Shalkar, the site where Tethys and its partner are completing a new oil rail-loading terminal, is still open, this section of the road being flatter and less affected by such weather. The rail terminal is in the final stages of completion following extremely cold weather, which affected completion of essential concrete works and it is expected that this will be finished in one month’s time. At that time production and sales are anticipated to double to approximately 4,000 bopd.
Tethys is focused on oil and gas exploration and production activities in Central Asia with activities currently in the Republics of Kazakhstan, Tajikistan 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.
Tethys Petroleum Limited
Sabin Rossi, – All Investor Queries
Vice President Investor Relations
Office: +1 416-941-1257
+1 416-947-0167 (FAX)
Tethys Petroleum Limited
Veronica Seymour, – All Media Queries
Vice President Corporate Communications
Office: +44 1481 725911
+44 1481 725922 (FAX)
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SOURCE: Tethys Petroleum Limited