/KASE, September 10, 10/ - Tethys Petroleum Limited (Channel Islands),
common shares of which are listed in Kazakhstan Stock Exchange official list,
provided to KASE the following press release of September 8, 2010:
quotation starts
Tethys Petroleum Limited ("Tethys" or the "Company") (TSX: TPL) today
announced it has signed a Memorandum of Understanding ("MOU") with the
Uzbek State oil and gas company, National Holding Company "Uzbekneftegaz"
("UNG").
The MOU states that Tethys and UNG will conduct joint studies to determine the
possibilities of improving hydrocarbon recovery on certain long-term production
fields in the Republic of Uzbekistan in order to then sign a contract in
accordance with the applicable legislation of the Republic of Uzbekistan.
It is expected that it would be a similar contractual arrangement to the
Production Enhancement Contract ("PEC") that Tethys has over the North Urtabulak
Field in Uzbekistan that has operated successfully for some 10 years. Under this
contract Tethys is allocated refined products for the oil it produces and sells
these on the export market in United States dollars.
Julian Hammond, Chief Commercial Officer and Uzbekistan Regional Manager of
Tethys, commented, "We are very pleased to have signed this MOU with our
partners Uzbekneftegaz to work on more oil fields in Uzbekistan. This MOU is
a key step forward and we believe that Tethys is now in a strong position to
obtain additional fields which we could develop in parallel with our existing
producing oil field, North Urtabulak, thereby increasing our short to medium
term oil production base in Uzbekistan. Our existing project and experience
in the country put us in a strong position to assess and take over new fields
quickly and we will now work hard on achieving this goal."
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The press release is available on KASE website at:
-
http://www.kase.kz/files/emitters/GG_TPL_/gg_tpl_reliz_080910.pdf - in
Russian;
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http://www.kase.kz/files/emitters/GG_TPL_/gg_tpl_reliz_080910_e.pdf - in
English.
[2010-09-10]