DUSHANBE, March 2, 2013, Asia-Plus — Tethys Petroleum Limited (Tethys) announced on February 28 that the Ministry of Oil and Gas of Kazakhstan (MOG) has agreed to extend the Exploration Period for the Company”s Kul-Bas Exploration and Production Contract (the Contract) by further two years until November 11, 2015.
According to press release issued by Tethys, the Kul-Bas contract area, which currently covers an area of 7,632 square kilometers, surrounds the Akkulka contract area, which contains the Company’s producing oil and gas fields. This extension gives Tethys further time to explore this attractive area which has several prospects and leads and with a proved commercial oil and gas system in the Akkulka block. In addition the Kul-Bas block contains the KBD01 (Kalypso) well which is awaiting testing later this year after having encountered several intervals with hydrocarbon indications.
This extension is subject to registration of a suitable addition to the Contract. 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.
