/KASE, February 8, 11/ - 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 February 7, 2011:
quotation starts
Tethys Petroleum Limited ("Tethys" or the "Company") (TSX: TPL) today announced
the proposed amendments to the Kul-Bas Exploration Contract ("the Contract")
have now been incorporated into the Contract by the Ministry of Oil and Gas
of the Republic of Kazakhstan ("MOG"). These amendments, which had been
previously agreed with MOG, grant an extension to the Exploration Period
for the Company's by a further two years until November 11, 2013.
The Kul-Bas contract area (which currently covers an area of 7,632 km2 (1.9
million acres)) surrounds the Akkulka contract area where the Company has
recently made the AKD01 "Doris" oil discovery and where work is currently
underway to appraise this oil discovery and explore the surrounding area.
The original Contract terms involved a 6-year exploration period with
relinquishments (after which all areas outside commercial discovery areas would
be relinquished) and a 19-year production period, which could be extended. The
extension to the exploration period gives Tethys an additional two years to
explore this attractive area that has several prospects and leads and with a
proved oil system in the Akkulka block which is surrounded by the Kul-Bas area.
George Mirtskhulava, Head of Tethys' Kazakhstan Business Unit, commented:
"I am very pleased that the Ministry of Oil and Gas continue to support Tethys'
exploration efforts and this further demonstrates the ongoing support which the
Kazakh authorities show to oil and gas companies who meet their contractual
commitments."
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
mobile site:
http://m.tethyspetroleum.com
In Asia-Pacific:
Anita Wan
Associate Director
Quam IR
3/F Fung House, 19-20 Connaught Road Central, Hong Kong SAR, PRC
Tel./Fax: + (852) 2217-2999
e-mail: anita.wan@quamgroup.com
ends
[2011-02-08]