GRAND CAYMAN, CAYMAN ISLANDS, Apr 11, 2011 (MARKETWIRE via COMTEX) —
Tethys Petroleum Limited (“Tethys” or the “Company” (TSX: TPL) today announced certain organisational changes within the Company.
The Company is pleased to announce the appointment of Mark Sarssam as Vice President Petroleum Development, based in the Company’s new operations and technical office in Dubai, UAE. Marks appointment will strengthen the technical department at a time when there is an increased level of drilling activity in the Company, particularly with regard to the Company’s exciting Doris oil development and related exploration and appraisal project in Kazakhstan. Mark will join the Company on April 17, 2011, and more details of Mark’s experience and career to date are outlined below. Mark will be responsible for petroleum engineering, development and related activities aimed at achieving optimum production, reservoir evaluation and reserve definition of the Company’s properties in Central Asia.
In addition Veronica Zhuvaghena, previously the Company’s Manager, Corporate Communications, has been promoted to the position of Vice President Communications, based in the Company’s London office and responsible for communicating the Company’s message to external audiences and stakeholders.
The overall reporting structure of the Company has also been streamlined to cope with the increasing demands on the organisation with the Company’s increased activities in Central Asia. There are now three functional groups, namely Finance, Corporate and Technical/Commercial. Finance is headed by Chief Financial Officer and Finance Director Bernard Murphy, Corporate is headed by Liz Landles, Executive Director and now promoted to the position of Chief Administrative Officer, and Technical/Commercial is headed by Chief Commercial Officer Julian Hammond who was recently also promoted to the position of Deputy Chief Executive Officer.
Dr David Robson, Chairman, President and Chief Executive Officer of the Company commented, “We are delighted that Mark has joined the company and stress how very pleased we are to have such a professional, experienced and well-respected petroleum engineer joining us. The other internal organisational changes improve the efficiency of the Company as it moves forward with its increased levels of activities on its successful projects in Central Asia – particularly the Doris oil development and the ongoing exciting exploration and appraisal programme in that area which will hopefully yield additional discoveries of oil and increase the Company’s asset base. We are confident as to our operations in all of the areas in which we operate, with Tethys’ unique blend of high potential exploration, development and production in the prolific Central Asian area. I also congratulate our existing staff on their promotions and new roles – which I am sure that they will excel in. We believe that Tethys is the fastest growing independent oil and gas company in Central Asia and with our great team I am confident that we will achieve our goal of adding real value to the Company and to our shareholders!”
Notes for Editors:
Mark joins Tethys from Dragon Oil plc, where he was New Ventures advisor and previously Head of Reservoir Development focused on the successful Cheleken oil and gas field in the Caspian Sea, offshore Turkmenistan. Prior to his work with Dragon Oil, Mark was employed by Shell as a Senior Reservoir Engineer and Field Leader, working in Oman (Petroleum Development of Oman) and in Brunei. Before this Mark worked for Final Exploration and Amerada Hess on North Sea projects. Mark holds an M.Eng (Hons) in Petroleum Engineering from Imperial College, RSM, London.
Veronica joined Tethys as Manager, Corporate Communications in October 2010. She had previously worked in senior roles with ITE Group Plc where she was involved in business development, external relations and in organising government-led oil and gas trade shows and events in Azerbaijan, Georgia, Kazakhstan, Russia, Turkey, Turkmenistan & Uzbekistan as well as developing close working relationships with Ministries and governments in the fSU countries. Prior to this Veronica worked in Marketing and Communications for companies in several business sectors in Russia. Veronica holds a Bachelors Diploma in English and German Philology and a Certificate in Marketing, Management & Logistics from Universities in Tashkent, Uzbekistan.
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.
See our Annual Information Form for the year ended December 31, 2010 and other filings for a description of risks and uncertainties relevant to our business including our exploration and development activities.
Contacts: Tethys Petroleum Limited Sabin Rossi Vice President Investor Relations +1 416 572 2065 +1 416 572 2201 (FAX) email@example.com www.tethyspetroleum.com Tethys Petroleum Limited TD Canada Trust Tower 161 Bay Street, 27th Floor Toronto M5J 2S1, Canada Mobile site: http://m.tethyspetroleum.com In Asia-Pacific: Quam IR Anita Wan Associate Director + (852) 2217-2999 + (852) 2217-2999 (FAX) firstname.lastname@example.org
SOURCE: Tethys Petroleum Limited