DUSHANBE, December 16, 2011, Asia-Plus – Tethys Services Tajikistan, a company built by Tethys Petroleum to operate throughout the Production Sharing Contract (PSC) area, is currently selling oil extracted from the Beshtentak deposit in Khatlon’s Baljuvon district for US$60.00 per barrel.
According to information posted on Tethys Petroleum’s website, oil sales have already commenced, with an approximate price of US$60/barrel.
The daily extraction of oil from the Beshtentak deposit now amounts to some 600 barrels and oil sales reportedly began in autumn.
According to the Ministry of Energy and Industries of (MoEI) Tajikistan, the buyer of Tajik oil is the closed joint-stock company CJSC “Hasan & Co.” “Hasan & Co” is currently receiving 36 tons of oil from the Beshtentak deposit per day, the source at a MoEI said, noting that the company has an oil refinery in Baljuvon.
Meanwhile, Tethys Petroleum Limited (Tethys) announced on December 13 that it has completed the purchase of 34% of the shares in Seven Stars Energy Corporation from its Tajik joint venture partner Sangam Limited, and increased its shareholding to 85% (from 51%).
Seven Stars Energy Corporation is the owner of the rights to the Bokhtar Production Sharing Contract (Bokhtar PSC) in Tajikistan.
According to press release issued on December 13, 1.14 billion barrels oil equivalent (7 TCF) audited unrisked prospective resources are contained within the Contract Area.
Dr. David Robson, Chief Executive Officer of Tethys, said, “This is a great step forward that will allow Tethys a greater share in a very prospective, yet underexplored, area. I consider the Afghan-Tajik Basin and its extension the Amu-Darya Basin to be one of the most prolific in the world with giant and supergiant gas and condensate fields such as those in neighboring Uzbekistan and in Turkmenistan. We are very pleased to have the continued support of our partners Sangam and will continue in ongoing discussions with potential farm-in partners with this acquisition providing a more efficient corporate structure for potential investors. This is a unique opportunity to now move forward and leverage a majority ownership in what Tethys regards as the jewel in the crown of the company.”
Tethys is focused on oil and gas exploration and production activities in Central Asia with activities currently in 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.
