Tethys Petroleum Limited (United Kingdom) acquires subsidiary of Rosehill Energy Ltd
14.04.09 19:18
/KASE, April 14, 09/ - Tethys Petroleum Limited (Channel Islands),
common shares of which are listed on the special trading floor of the
Regional Financial Center of Almaty provided Kazakhstan Stock Exchange
(KASE) with a press release:
Quotation beginning
Monday, April 13, 2009 - Guernsey, Channel Islands - Tethys Petroleum
Limited ("Tethys" or the "Company") (TSX: TPL) today announced that on
April 9, 2009 it completed the acquisition from the British company Rosehill
Energy Ltd ("Rosehill"), of its wholly?owned subsidiary (the "Contractor")
which holds Rosehill's entire interest in the Production Enhancement
Contract ("PEC") for the North Urtabulak Oil Field in Uzbekistan.
The consideration for the purchase of this project was 15 million ordinary
shares in Tethys restricted from resale for periods up to one year from
completion. There are certain conditions subsequent to the completion,
primarily delivery to Tethys of final audited accounts for the Contractor for
the year ended December 31, 2008, and it is expected that these
conditions will be satisfied by the end of April. Meanwhile Tethys has taken
over the running of the business of the Contractor and is working to
increase further oil production from the North Urtabulak field.
Work is underway on further production enhancement both through
workovers on existing wells, improvement of beam pumps etc. In addition a
dedicated gas lift system is to be installed in the near future which we
believe should significantly increase oil production. Tethys is also
considering other development activities including further development well
drilling and the potential of working on other nearby fields referenced in the
PEC.
Dr David Robson, Chairman, President and CEO of Tethys commented;
"Having now had some time to work with the operating team on the North
Urtabulak project and to become more closely involved in the activities on
the field we are even more convinced that this project has significant
potential for further increases in oil production and that this acqusition
provides a core project with cash flow to develop our business in
Uzbekistan. The country has very significant potential for oil, gas and
condensate production and Tethys is one of the few independent oil and
gas companies working there, and I believe the only independent oil and
gas company working in three of the Republics of Central Asia. This places
Tethys in a strong position to advance its strategy of creating shareholder
value by building an oil and gas exploration and production company
focused on Central Asia with a mix of shortterm cash flow and upside
potential. We believe that this acqusition is a significant step forward for the
Company and establishes another core area for
our business."
Tethys is focused on oil and gas exploration and production activities in
Central Asia with activities currently in the Republics of Kazakhstan,
Tajikistan and now 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 for a description of risks and uncertainties relevant to
our business, including our exploration activities.
For more detailed 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
Office: +1 416 572 2065
Fax: +1 416 572 2201
e-mail: info@tethyspetroleum.com
Website: www.tethyspetroleum.com
In Kazakhstan
Ardak Akanov
Managing director
PG Communications
Almaty, Samal-2, Business Center Satty
Office phone/fax: +7 727 272 8867
E-mail: development@pressclub.kz
Quotation end
[2009-04-14]