/KASE, May 17, 13/ – Tethys Petroleum Limited (Channel Islands), common
shares of which are officially listed on Kazakhstan Stock Exchange (KASE),
provided to KASE the following press release of May 15, 2013:
quotation
Tethys Petroleum Limited ("Tethys" or the "Company") (TSX:TPL)(LSE:TPL) today
announced that it has signed a Protocol of Intent ("POI") with the Uzbek
State oil and gas company, National Holding Company "Uzbekneftegaz" ("UNG")
for exploration work on the Bayterek block in the North Ustyurt Basin of
Northern Uzbekistan.
The POI for the Bayterek Investment Block follows on from the previous MOU
and "Agreement on basic principles of the Exploration Agreement" between
UNG and TPL. TPL and the Institute of Geology and Exploration of Oil and Gas
Fields of UNG have jointly developed an Exploration Programme for the Block.
Tethys and UNG intend to execute an Exploration Agreement in accordance
with the legislation of the Republic of Uzbekistan, and upon approval of
the Exploration Program by the Government of the Republic of Uzbekistan
both parties intend to complete negotiations, and will seek issuance of
an appropriate Decree of the Government of Uzbekistan, within one calendar
year.
ends
The press release full version is available on KASE website at
http://www.kase.kz/files/emitters/GG_TPL_/gg_tpl_reliz_150513.pdf
[2013-05-17]