TASHKENT, UZBEKISTAN, May 13, 2009 (MARKETWIRE via COMTEX) — Tethys Petroleum Limited (“Tethys” or the “Company”) (TSX: TPL) today commented on the participation in Oil and Gas Uzbekistan – OGU 2009. Other participants include Petronas, LukOil, Total, GazProm and Zarubezhneft. The organizers have said that 140 companies from 22 countries will be present from all sectors of the oil and gas industry.
The goal of the conference is to discuss investment climate and opportunities in Uzbekistan, showcase the latest technologies and supplies and learn about the future of oil and gas in Uzbekistan.
Dr David Robson, Chairman, President and Chief Executive Officer of Tethys presented a paper entitled ‘The Role of Independent Companies in Developing Uzbekistan’s Oil and Gas Resources” which focused on the benefit of the involvement of independent companies in the Uzbek oil and gas sector and which used the example of Tethys’ Kyzyloi and Akkulka gas development projects in Kazakhstan. The paper also discussed Tethys’ recently acquired interest in the production enhancement contract for the North Urtabulak oilfield in Uzbekistan (“PEC”) and on ways to further enhance production from the field. Gross production from the PEC is currently approximately 1,850 barrels of oil per day and three further workovers are currently being carried out by Tethys on the field. The paper will be available on the Company’s website tomorrow.
Dr David Robson, Chairman, President and Chief Executive Officer of Tethys commented, “We are delighted to be presenting at the OGU conference this year, and look forward to addressing what we consider to be a tremendous opportunity to work in Uzbekistan both on our current project and future projects. The approach outlined by the State oil and gas company Uzbekneftegas towards further foreign investment in the oil and gas sector is very encouraging and as Tethys is, we believe, the only independent currently actively working in Uzbekistan should lead to further possibilities to expand our activities there.”
Tethys is focused on oil and gas exploration and production activities in Central Asia with activities currently in the Republic of Kazakhstan, the Republic of Tajikistan and the Republic of 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, 2008 available on www.sedar.com for a description of risks and uncertainties relevant to our business, including our exploration and development activities.
Tethys Petroleum Limited
Vice President Investor Relations
Ardak Akanov, Managing Director
+7 (727) 272 8867
SOURCE: Tethys Petroleum Limited