TASHKENT, UZBEKISTAN, Feb 01, 2012 (MARKETWIRE via COMTEX) –Tethys Petroleum Limited (“Tethys” or the “Company” (TSX: TPL)(LSE: TPL)) today announced it has signed a Memorandum of Understanding (“MOU”) with the Uzbek State oil and gas company, National Holding Company “Uzbekneftegaz” (“UNG”). The objective of this MOU is to provide the framework for a Joint Study and the negotiation process for an Exploration Agreement relating to certain exploration blocks in the North Ustyurt Basin of Uzbekistan.
Dr. David Robson, Chief Executive Officer of Tethys, commented, “This MOU is an excellent step forward with our partners Uzbekneftegaz to potentially work together on exploring the North Ustyurt basin in Uzbekistan – a basin in which we have already had good exploration success. We believe that our extensive modeling of the Doris oil discovery and surrounding area can be very useful if applied to the Uzbek portion of the basin which we believe has very similar geological characteristics and excellent oil and gas prospectivity.”
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 activities (which are incorporated herein by reference). The “forward looking statements” contained herein speak only as of the date of this press release and, unless required by applicable law, the Company undertakes no obligation to publicly update or revise such information, whether as a result of new information, future events or otherwise.
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SOURCE: Tethys Petroleum Limited