/KASE, May 31, 11/ - Tethys Petroleum Limited (Channel Islands), whose common
shares are officially listed on Kazakhstan Stock Exchange (KASE), has provided
KASE with the following press-release of May 18, 2011:
quote
Tethys Petroleum Limited ("Tethys" or the "Company" (TSX: TPL)) today provided
information on progress at the 15th Uzbekistan International Oil and Gas
Conference ("OGU") in Tashkent and in parallel with this signed a contract with
the Institute of Geology and Prospecting for Oil and Gas Deposits (the
"Institute") of NHC Uzbekneftegaz ("UNG"), the State oil and gas company, to
review materials on exploration areas in the Ustyurt region and the Bukhara-
Khiva region.
Dr. David Robson, Chief Executive Officer of Tethys, today gave a presentation
on the "Doris oil discovery (in Kazakhstan) and the potential of the Ustyurt
basin". The Ustyurt basin covers large areas both in Kazakhstan and Uzbekistan.
To date there has not been a commercial oil discovery in the Uzbek portion of
the basin though the geology is similar to the area where Tethys has made a
commercial oil discovery (Doris) in the Kazakh portion, some 35 km from the
border of the two countries. Tethys believes that, by applying the same
geological model and techniques used in the discovery of Doris to the Uzbekistan
portion of the basin, there is very good potential for finding oil there too.
In conjunction with OGU, Tethys announced it has signed a contract with the
Institute to study the potential of two separate prospective areas in Uzbekistan
with a view to Tethys applying for suitable projects in these areas. The study
will involve the assessment of existing data and the oil and gas bearing
prospectivity of the areas on the basis to prepare proposals for the Government
of Uzbekistan for further exploration activities. Tethys views both areas as
having very good oil and gas potential.
unquote
The full version of this press-release is available on KASE website, at
http://www.kase.kz/files/emitters/GG_TPL_/gg_tpl_reliz_180511.pdf
[2011-05-31]