KABUL, AFGHANISTAN, Apr 17, 2011 (MARKETWIRE via COMTEX) —
Tethys Petroleum Limited (“Tethys” or the “Company” (TSX: TPL) today announced that it has responded positively to an announcement by the Afghanistan Government that it is one of five international companies who have pre-qualified for a tender to explore and develop oil and gas deposits in northern Afghanistan.
The process represents the first round of the Afghan Government’s plan to issue licenses to foreign energy companies.
A spokesman for Tethys said he believed that the development could play a hugely significant role in the economic and political development of Afghanistan.
Dr David Robson, Chairman, President and CEO of Tethys said after a meeting in Kabul with H.E. Minister Wahidullah Shahrani, Minister of Mines that the Afghan Government, supported by the International Community and the US Government, is running the tendering process in “an open, transparent and efficient manner. Given the risks and dangers which have existed in Afghanistan, and the enormous emerging potential in the minerals sector, I believe the way these matters have been handled is providing a model for the future and is bound to have a positive impact on the attitude of foreign investors.”
The pre-qualification announcement made by the Ministry of Mines (“MOM”) provides additional information on the pre-qualified bidders and the potential for the area. Further information is available at the following link below:
www.mom.gov.af/?page=QualificationofBiddersforOilTender&lang=en
Oil was first discovered in Afghanistan in 1958 in the country’s part of the Amu Darya and Afghan-Tajik basins of the north. Tethys is currently operating in Kazakhstan, Tajikistan (on the border of Afghanistan) and Uzbekistan and is the fastest growing independent oil and gas company in Central Asia.
The MOM states that tender will be completed at the end of July 2011.
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.
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 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) anita.wan@quamgroup.com
SOURCE: Tethys Petroleum Limited
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