Tethys Petroleum Limited (United Kingdom) and INTER RAO UES OJSC (Russia) sign cooperation agreement
05.12.08 00:00
/KASE, December 5, 08/ - Tethys Petroleum Limited (Channel Islands),
common shares of which are listed on the official list of the special trading
floor of the Regional Financial Center of Almaty in the third category, provided
Kazakhstan Stock Exchange (KASE) with a press release:
Quotation beginning
MOSCOW, RUSSIAN FEDERATION, December 4, 2008: Tethys Petroleum
Limited ("Tethys" or the "Company" (TSX:TPL) today announced the signature of
a Memorandum of Intent on Cooperation ("MOI") with the Russian energy
company "INTER RAO UES OJSC") concerning cooperation in Kazakhstan and
other parts of Central Asia (the "Region").
Specifically the MOI concerns Tethys and "INTER RAO UES OJSC" cooperating
and negotiating in good faith as a matter of priority towards the following
objectives:
- The Parties entering into an agreement for Tethys, through its local affiliates,
to sell to "INTER RAO UES OJSC" gas produced by Tethys in Kazakhstan.
- The Parties together investigating oil and gas exploration and production
opportunities and working together, particularly in gas, to acquire, explore
and develop these opportunities, in Kazakhstan and potentially in other parts
of the Region, with Tethys being the operator of such exploration and
production activities.
- The Parties agreeing an arrangement whereby Tethys will provide
operational and technical support, due diligence and market analysis to
"INTER RAO UES OJSC" in "INTER RAO UES OJSC" own investigations of
opportunities in the Region.
- "INTER RAO UES OJSC" farming-in or acquiring interests in existing Tethys
assets in Kazakhstan.
The MOI is non-exclusive and for an initial period of one year.
"INTER RAO UES OJSC" is Russia's major electricity import and export operator
is a fast growing supplier with a number of generation and distribution assets in
Russia and abroad. It currently heads a group of more than 20 companies based
in fourteen countries, including power generation projects in Kazakhstan and
Tajikistan. Its activities included the export and import of electric power,
trading in electrical power in the domestic and foreign markets, investment,
management of foreign assets, and retailing of electrical power.
Dr. David Robson, Chairman, President and Chief Executive Officer of Tethys
Petroleum commented: "I am extremely pleased to have signed this MOI with
INTER RAO. Cooperation on gas exploration, production and sales with such a
large and respected energy producer is an extremely important step forward for
the development of our gas business in Central Asia. I look forward to making
concrete steps forward on real joint projects with INTER RAO in the near future
for the mutual benefit of both of our companies".
Yuri Vladimirovich Sharov, Head of Central Asia /Far East Business Division of
"INTER RAO UES OJSC" and Member of the Management Board said: "We look
forward to establishing a good and long lasting business relationship between
our companies in Central Asia, building on the strengths of both our
organizations".
Tethys is focused on oil and gas exploration and production activities in
Central Asia with activities currently in the Republics of Kazakhstan and
Tajikistan. This highly prolific oil and gas area is rapidly developing and
Tethys believes that significant potential exists in both exploration and in
discovered deposits.
For information please contact:
Sabin Rossi
Vice President Investor Relations
Tethys Petroleum Limited
TD Canada Trust Tower
161 Bay Street, 27th floor
Toronto N5J 2S1, Canada
Tel: +1 416 572 2065
Fax: +1 416 572 2201
Email: info@tethyspetroleum.com
Website: www.tethyspetroleum.com
In Kazakhstan
Ardak Akanov
Managing Director
PG Communications
Samal 2, Business Center Satty, Almaty, Kazakhstan
Tel: +7 (727) 264 67 37, 264 71 12
Email: development@pressclub.kz
[2008-12-05]