TASHKENT, UZBEKISTAN, Nov 18, 2011 (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”) establishing a programme for Tethys to obtain two new Production Enhancement Contracts (“PECs”) on two existing oilfields in Uzbekistan.
The MOU represents an agreed timetable up to May 1, 2012 to negotiate for two new PECs one for the Chegara Group of fields and one on the West Kruk field. The PECs are expected to be a similar contractual arrangement to the PEC that Tethys has over the North Urtabulak Field in Uzbekistan that has operated successfully for some 10 years. The Chegara and West Kruk fields are located in the same area as North Urtabulak. Under this contract Tethys is allocated refined products for the oil it produces and sells these on the export market in United States dollars. The Chegara Group of fields is less
developed than North Urtabulak and Tethys believes that these fields give significant potential for additional oil production in the short term.
Mamuka Murjikneli, Regional Manager, commented, “This MOU is an excellent step forward with our partners Uzbekneftegaz to work on more oil fields in Uzbekistan. Given the experience and expertise Tethys has in Uzbekistan and the region this offers a real opportunity to add to Tethys’ existing portfolio of high impact projects. These additional fields can be developed in conjunction with our currently producing North Urtabulak oil field increasing our short to medium term oil production base and cash flow in Uzbekistan.”
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.
For more information please contact:
Tethys Petroleum Limited
Vice President Investor Relations
Office: +1 416 572 2065
+1 416 572 2201 (FAX)
Mobile site: m.tethyspetroleum.com
In Europe: Tethys Petroleum Limited
Vice President Corporate Communications
Office: +44 1481 725911
+44 1481 725922 (FAX)
In Asia‐Pacific: Quam IR
Office phone/fax: +852 2217 2999
SOURCE: Tethys Petroleum Limited