Tethys Petroleum (TSE: TPL) says it has signed a Protocol of Intent with the Uzbek State oil and gas company, Uzbekneftegaz ("UNG") for exploration work in the North Ustyurt Basin of Northern Uzbekistan.

The agreement would focus on the Bayterek Investment Block. Tethys' next step is to arrange for an Exploration Agreement.

The news is in line with Tethys’ strategy to acquire underexplored territory with exploration potential. According to its website, Tethys is the only independent oil and gas company operating in Uzbekistan.

Separately, Tethys' revenue rose 94 per cent in the first quarter to $12.6 million.

The company, which reports in U.S. figures, says it lost $4.3 million.

Production increased 24 per cent to 6,366 barrels per day from 5,117 barrels per day.

The stock was unchanged as $0.77 as of 10:32 am ET. So far this year, shares have soared more than 50 per cent.

Tethys has a market cap of $220.8 million and a 52-week range of $0.37 to $0.89. It’s 200-day moving average is $0.65.

Central Asian oil explorer Tethys Petroleum (LON:TPL, TSE:TPL) has promoted Denise Lay to the role of deputy chief financial officer with immediate effect.

It is a step-up for Lay, who was previously vice president finance. Her promotion comes as part of the company’s ongoing strengthening of its finance team.

An accountant by trade, Lay has been with the company since October 2009, having worked at KPMG, as well as in a number of different industries, including the oil and gas space.

Executive chairman and president of Tethys Dr David Robson said: “I am delighted that Denise is being promoted to Deputy CFO with Tethys.

“She has shown herself to be an extremely competent, professional, skilled and committed senior member of the Tethys team since she joined the company and I am sure that in this new role she will continue to excel and contribute to Tethys’ future growth and development.

Tethys Petroleum (LON:TPL, TSE:TPL) this morning told investors that its Kul-Bas exploration and production contract in Kazakhstan has been extended for two more years.

The new contract runs until November 11 20125, it said.

This covers the Akkulka contract area and it includes producing oil and gas fields.

The company said the extension allows it more time to explore the attractive area which contains several prospects and leads, and a proved commercial oil and gas system.

Among the projects within Kul-Bas is the Kalypso well which encountered several  intervals with hydrocarbons and is due to be tested later this year.

Tethys Petroleum’s (LON:TPL, TSE:TPL) shares will continue on their positive trend ahead of key drilling programmes later this year, according to analysts at Cantor Fitzgerald.

In a note today Sam Wahab, analyst in the London brokerage (formerly Seymour Pierce) which was acquired by Cantor last week, highlighted the recent rally in Tethy’s shares following a spate of positive announcements.

The catalysts include a farm-out of a stake in the potentially massive Bokhtar PSC in Tajikistan to Total and China National Petroleum company, and improved gas marketing terms in Kazakhstan.

And Wahab believes that drilling and exploration will provide catalysts going forward.

“Full details of the 2013-2014 programme will be announced later in Q1, however we would expect 2013 to consist of a seismic survey and subsequent data interpretation followed by a deep exploration well in 2014,” the analyst said.

“We would also expect further exploration and development drilling in Kazakhstan as the company continues to target their 1.3bnbbl gross mean recoverable prospective resource base.

Cantor rates Tethys as a ‘buy’ with a 90p target, and Wahab points out that the shares currently trade at around a 50% discount to its core asset value and therefore there is little value ascribed to its proven reserves base.

In a note today Sam Wahab, analyst in the London brokerage (formerly Seymour Pierce) which was acquired by Cantor last week, highlighted the recent rally in Tethy’s shares following a spate of positive announcements.

The catalysts include a farm-out of a stake in the potentially massive Bokhtar PSC in Tajikistan to Total and China National Petroleum company, and improved gas marketing terms in Kazakhstan.

And Wahab believes that drilling and exploration will provide catalysts going forward.

“Full details of the 2013-2014 programme will be announced later in Q1, however we would expect 2013 to consist of a seismic survey and subsequent data interpretation followed by a deep exploration well in 2014,” the analyst said.

“We would also expect further exploration and development drilling in Kazakhstan as the company continues to target their 1.3bnbbl gross mean recoverable prospective resource base.

Cantor rates Tethys as a ‘buy’ with a 90p target, and Wahab points out that the shares currently trade at around a 50% discount to its core asset value and therefore there is little value ascribed to its proven reserves base.

Tethys Petroleum (TSE:TPL) shares gained over 8% Friday, a day after the company presented its goods at the Proactive Investors One2One Forum in Toronto. 

The event Thursday followed similar presentations at our events in Vancouver and Calgary last week as the company markets itself to investors after a series of recent achievements. 

Its stock rose almost 8.8%, or 5 cents, to 62 cents Friday afternoon, with its shares up almost 20% so far this year.

The oil and gas company also yesterday announced the signing of a new deal with Kazakh authorities which effectively doubles the price it receives for gas from the Kyzyloi and Akkulka fields.

The company will supply up to 150 million cubic metres at a price of US$65 per thousand cubic metres.

Separately, it said the new Kazakhstan-China trunk line will provide “further upside”. Currently under construction, it will cross Tethys’s contract area, which contains net 2.1bn cubic metres of gas.

The London and Toronto quoted group believes its gas projects have significant potential. It has drilled 13 exploration wells, 11 of which have the capacity to produce commercial gas.

At the same time, further shallow gas leads have been identified.

As the only independent oil and gas company operating in three Central Asian republics, Tethys Petroleum has a strong foothold on its assets with enormous potential for future growth. It operates in Tajikstan, Kazakhstan and relatively recently entered Uzbekistan.

The company stepped its game up further recently, announcing late last month that it had completed a farm-out agreement for the Bokhtar Production Sharing Contract (PSC) in Tajikistan with subsidiaries of the French super-major Total S.A. (NYSE:TOT) and the China National Oil and Gas Exploration and Development Corporation (CNODC) - part of the Chinese State company CNPC.

French giant Total and China’s CNODC will each both take a third of a share in the project, while Tethys’ participation in the program will be largely carried - with over $70 million being spent on the Canadian firm’s behalf. 

As such, it is only required to pay 33 per cent of its share of the costs of the upcoming program, and this is expected to amount to around $9 million. Tethys’ Tajik subsidiary, Kulob Petroleum, will also receive $60 million for back costs.

The company's chief, Dr. David Robson, has called it a “tremendous deal” for the company, as the cost of drilling deep wells in the area is $50 to $60 million each, and is “intrinsically risky but with giant potential” as the region has never been drilled before.

In Uzbekistan, Tethys is the only Western company currently operating in the oil and gas sector. It operates as the contractor under the Production Enhancement Contract (PEC) for the North Urtabulak oilfield, in partnership with NHC Uzbekneftegas.  Recently, Tethys signed another PEC for a new field named Chegara and is awaiting final governmental consents to start activities. 

The company will supply up to 150 million cubic metres at a price of US$65 per thousand cubic metres.

Separately, it said the new Kazakhstan-China trunk line will provide “further upside”. Currently under construction, it will cross Tethys’s contract area, which contains net 2.1bn cubic metres of gas.

The London and Toronto quoted group believes its gas projects have significant potential. It has drilled 13 exploration wells, 11 of which have the capacity to produce commercial gas.

At the same time, further shallow gas leads have been identified.

French giant Total and China’s CNODC will both take a third share in the project, while Tethys’s Tajik subsidiary Kulob Petroleum (KPL) will also receive US$60 mln for back costs.

David Robson, executive chairman and president of Tethys, described it as a “tremendous deal” for the company and would be extremely beneficial for Tajikistan.

“It rewards us for taking the first steps into Tajikistan in 2006 and validates our extensive technical work to date.

“Total and CNPC are world class companies and we look forward to working with our new partners in Tajikistan which in our view has world class potential.”

He added that Total and CNODC have the experience to explore and develop giant petroleum deposits, while the new pipelines carrying gas from Central Asia to China provide a potential export route for any sizeable gas discovery.

“This farm-out also provides significant additional funding for our company to accelerate our other current projects," he said.

Kulob, which is 85% owned by Tethys, will be partially carried on a US$80 million initial work programme of further seismic data acquisition followed by a deep exploration well. The farm-out is subject to final Tajik governmental approvals and State consents.

The PSC (production sharing contract) will be operated by a joint operating company to be set up and owned by KPL, Total and CNODC, in proportion to their ownership in the PSC.

Independent assessors have put the size of the Bokhtar production sharing contract (PSC) resource at a gross unrisked mean recoverable prospective 27.5bn barrels of oil equivalent, consisting of 114 trillion cubic feet (3.22 trillion cubic metres) of gas and 8.5 billion barrels of oil.

Shares in Tethys jumped by more than 40% to 37p.

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Tethys Petroleum’s (LON:TPL TSE:TPL) revenues rose sharply in its latest quarter as the ramp-up in production from the Doris field in Kazakhstan gathered momentum.

Oil and gas revenues rose by 46% to US$10 mln in the three months to September as average production increased by almost three-quarters to 2,732 barrels per day.

Tethys added that the momentum had continued into the current quarter with October and November’s figures the best in Kazakhstan to date for the company.

In October, output averaged 3,700 bopd while November is set to be even better.

"These figures demonstrate the optimisation of the trucking operation in Kazakhstan is coming to fruition which has been the main restriction on maximum production to date, not the production capability of the wells," said the company.

Tethys said it cut administrative costs by 8% to US$4.5 mln in the September quarter compared to a year ago, but expects more cost savings as the full benefits of a recent review of its cost base start to come through.

Revenues for the September quarter were US$10 mln against US$6.85 mln a year earlier, while net losses fell to US$5.1 mln from US$8.6 mln.

Revenues for the first nine months of 2012 rose by 72% to US$26.7 mln, with average production 145% better at 2,234 bopd. 

Net losses for the year so far amount to US$16.8 mln against US$17.6 mln.

City broker Seymour Pierce this morning restated its buy advice and 72 pence a share price target.

Analyst Sam Wahab said: Today’s numbers illustrate Tethys’ continued progress in Kazakhstan on both a financial and operational level. 

“With near term news flow expected in regards to the much anticipated farm-out negotiations of their 27.5 billion barrel recoverable Bokhtar field in Tajikistan, we see the shares representing compelling value at the current price.” 

 At midday, the shares up 0.5 pence, or 2% at 27.5 pence.

Tethys Petroleum’s (LON:TPL TSE:TPL) revenues rose sharply in its latest quarter as the ramp-up in production from the Doris field in Kazakhstan gathered momentum.

Oil and gas revenues rose by 46% to US$10 mln in the three months to September as average production increased by almost three-quarters to 2,732 barrels per day.

Tethys added that the momentum had continued into the current quarter with October and November’s figures the best in Kazakhstan to date for the company.

In October, output averaged 3,700 bopd while November is set to be even better.

"These figures demonstrate the optimisation of the trucking operation in Kazakhstan is coming to fruition which has been the main restriction on maximum production to date, not the production capability of the wells," said the company.

Tethys said it cut administrative costs by 8% to US$4.5 mln in the September quarter compared to a year ago, but expects more cost savings as the full benefits of a recent review of its cost base start to come through.

Revenues for the September quarter were US$10 mln against US$6.85 mln a year earlier, while net losses fell to US$5.1 mln from US$8.6 mln.

Revenues for the first nine months of 2012 rose by 72% to US$26.7 mln, with average production 145% better at 2,234 bopd. 

Net losses for the year so far amount to US$16.8 mln against US$17.6 mln.

City broker Seymour Pierce this morning restated its buy advice and 72 pence a share price target.

Analyst Sam Wahab said: Today’s numbers illustrate Tethys’ continued progress in Kazakhstan on both a financial and operational level. 

“With near term news flow expected in regards to the much anticipated farm-out negotiations of their 27.5 billion barrel recoverable Bokhtar field in Tajikistan, we see the shares representing compelling value at the current price.” 

Tethys Petroleum (TSE:TPL)(LON:TPL) provided Tuesday an update on testing of the AKD07 well in Kazakhstan, as well as on seismic and production in Tajikistan. 

In Kazakhstan, the Central Asia-focused oil and gas explorer said testing has now been temporarily suspended in the Jurassic carbonate of the AKD07 well, as further options are being evaluated - one of which is to bring in a pump to lift the well.              

During the initial testing of this zone, no formation oil was recovered after perforating, although hydrocarbons were indicated from the wireline logs. 

The company said that further extraction of formation fluids is required to fully understand the oil potential of the Jurassic carbonate, potentially requiring pumping and/or acidization. 

Currently, no pump is available and as such, there are no immediate plans for such testing. An ongoing review of this well, and others previously drilled in the Jurassic carbonate, has indicated that oil production "may be possible from wells in this horizon", Tethys said, which have previously shown inconclusive results. 

"These wells may be tested as part of an integrated pumping programme at a convenient time, a technique that has had some success with the AKD05 well that is producing oil with the use of a progressive cavity pump (PCP)," the oil and gas company said in a statement. 

Also in well AKD07, final log results from the well indicated the "Dyna" sheet sand was present and of "good quality" but does not appear to have any moveable hydrocarbons, the company noted. 

Meanwhile, the "Doris" channel sand is now interpreted as being absent. Tethys said the downdip extension of the Doris channel sand still remains to be found with the reservoir sand geometry within the floodplain and proven oil system still to be fully delineated.             

Further exploration and appraisal targets in the greater Doris area are currently being finalized for drilling in 2013.               

With regards to its Aral oil terminal, owned by Tethys and a 50 per cent partner, the company said commercial oil sales started through this terminal in the second quarter, effectively halving the oil trucking distance and providing better control over the oil sales chain. 

Production has steadily increased through optimization, and phase 2 construction is now complete, allowing an increase in throughput capacity from 4,200 barrels of oil per day (bopd), up to 6,300 bopd.                 

It is expected that both the working and State Commissions approvals will be finalized by the end of November. Current production from the Doris field is averaging around 4,000 bopd, with a forecast production rate of at least 4,500 bopd.            

And in Tajikistan, a resource report independently produced by Gustavson Associates calculated a total gross mean unrisked recoverable prospective resource of 27.5 billion barrels of oil equivalent across the Bokhtar production sharing contract (PSC) area.                

A current 870 kilometre 2D seismic survey that started in late August is ongoing, and is designed to target some of the prospective areas seen on previous regional, seismic, magnetic, and gravity surveys. 

Now active in the Vaksh valley, the survey is progressing well, Tethys said, with over 37 per cent of the field data already acquired and processing underway. Initial interpretation will start this year in order to map potential drilling locations, the company added. 

This new seismic program is expected to further confirm the potential in the Tethys PSC acreage. Tethys owns an 85 per cent interest in the Bokhtar PSC. 

The company recently announced that it has signed a memorandum of understanding with an international oil and gas company for a farmout agreement on the area, with the aim of wrapping up the deal by the end of the year. 

Elsewhere in Tajikistan, more work on the Beshtentak field has been carried out after the success on the workover of the BST20 well, which is now producing around 225 bopd. Testing of a similar well in the northern part of the field is underway, with results expected later this month. 

Tethys is exploring for oil and gas in the Republics of Kazakhstan, Tajikistan and Uzbekistan. 

Tethys Petroleum (LON:TPL TSE:TPL) has agreed initial terms for a farm-out of its potentially "super-giant" Bokhtar production sharing contract in Tajikistan.

Kulob Petroleum, its subsidiary that is the contractor on the Bokhtar PSC, has signed a memorandum of understanding with the unnamed party, which it describes as an international oil and gas company.

The two sides will now negotiate the final details of the farm-out and a joint operating agreement. The deal will also subject to Tajik governmental approval.

Bokhtar has potentially huge reserves of oil and gas. An independent resource report in July estimated gross unrisked mean recoverable resources of 27.5 billion barrels of oil equivalent, consisting of 114 trillion cubic feet (3.22 trillion cubic metres) of gas and 8.5 billion barrels of oil.

At the time, Dr David Robson, Tethys’ chief executive, said that unrisked resources at Bokhtar were significantly greater than the estimated remaining reserves and unrisked resources in the UK North Sea.

“Geological and geophysical work undertaken has shown that Tethys is operating in a world class basin with enormous and untapped potential. The deep prospects being pursued in Tajikistan have 'super-giant' potential and any exploration success will be transformational for the company,“ he said then.

The 25-year Bokhtar PSC was signed in 2008 and covers a total area of approximately 35,000 sq. km in the Afghan Tajik portion of the prolific Amu Darya basin west of the Pamir mountains. 

The the area included in the PSC is in the south-western part of Tajikistan and is a large, highly prospective region that has recorded oil and gas discoveries but which has seen limited exploration to date. 

"When it was part of the Soviet Union, Tajikistan was a place more involved in agricultural production than oil production so  there have been no deep wells drilled to test these enormous potential deposits at depth," Robson said earlier. 

In addition to Tajikistan, Tethys is focused on oil and gas exploration in Kazakhstan and Uzbekistan. 

Tethys Petroleum (LON:TPL, TSE:TPL) has agreed initial terms for a farm-out of its potentially "super-giant" Bokhtar production sharing contract in Tajikistan.

Kulob Petroleum, its subsidiary that is the contractor on the Bokhtar PSC, has signed a memorandum of understanding with the unnamed party, which it describes as an international oil and gas company.

The two sides will now negotiate the final details of the farm-out and a joint operating agreement. The deal will also subject to Tajik governmental approval.

Bokhtar has potentially huge reserves of oil and gas. An independent resource report in July estimated gross unrisked mean recoverable resources of 27.5 billion barrels of oil equivalent, consisting of 114 trillion cubic feet (3.22 trillion cubic metres) of gas and 8.5 billion barrels of oil.

At the time, Dr David Robson, Tethys’ chief executive, said that unrisked resources at Bokhtar were significantly greater than the estimated remaining reserves and unrisked resources in the UK North Sea.

“Geological and geophysical work undertaken has shown that Tethys is operating in a world class basin with enormous and untapped potential. The deep prospects being pursued in Tajikistan have 'super-giant' potential and any exploration success will be transformational for the company,“ he said then.

The 25-year Bokhtar PSC was signed in 2008 and covers a total area of approximately 35,000 sq. km in the Afghan Tajik portion of the prolific Amu Darya basin west of the Pamir mountains. 

The the area included in the PSC is in the south-western part of Tajikistan and is a large, highly prospective region that has recorded oil and gas discoveries but which has seen limited exploration to date. 

"When it was part of the Soviet Union, Tajikistan was a place more involved in agricultural production than oil production so  there have been no deep wells drilled to test these enormous potential deposits at depth," Robson said earlier. In addition to Tajikistan, Tethys is focused on oil and gas exploration in Kazakhstan and Uzbekistan. 

Kazakhstan focused Tethys Petroleum (LON:TPL, TSE:TPL) revealed mixed early results from the AKD07 well in the Akkulka block.

It says that initial results from two targets, a Jurassic limestone and a thin Jurassic sandstone, show potential hydrocarbons. Meanwhile two other targets, the Dyna sheet and Doris channel, were found to be water bearing.

Drilling is now expected to continue for another week so that more analysis can be carried out.

The well will be drilled from 2,585m to 2,750m to further examine the upper Jurassic limestone feature.

The upper Jurassic limestone sequence has previously been tested in other wells, less than 2kms away, with rates of up to 1,568 barrels a day. And the data from this well so far indicates moveable hydrocarbons.

It also points out that the sequence has been encountered 30m deeper than the previously known occurrence in the nearby wells, and as such confirmation that it is oil bearing would ‘significantly increase potential reserves at this level.

"Although the Dyna and Doris sands were water bearing in this well the potential oil in the Jurassic limestone and the Jurassic sandstone sequence is encouraging, particularly with regard to the upside reserve potential. 

The good quality of the sheet and channel sands is also positive for further exploration in the area despite the trapping mechanism not working at this location.

We will obviously continue to assess this well as we drill towards the final TD and also assess the other prospects in the area. In parallel with this we are working hard to improve the efficiency of our oil export system and at reducingour cost base in Kazakhstan to more economically develop the Doris oilfield and adjacent deposits."

Tethys Petroleum (LON:TPL, TSE:TPL) reported an increase in quarterly production and revenues today, while updating investors on its operational progress in Central Asia. 

The company said revenues increased to US$10.2 million from US$4.2 million a year earlier as production climbed to 6,683 barrels of oil equivalent per day (boepd) from 5,681 boepd.

Of this, the Doris field in Kazakhstan accounted 2,927 boepd, up from the 815 boepd produced in the second quarter of 2011.

In the report, Tethys also highlighted the start of oil shipments through the Aral Oil Terminal (AOT) in Kazakhstan, which halved the oil trucking distance ad provided better control over the oil sales.

In the third quarter, however, a refinery issue that restricted the availability of rail cars in the country disrupted production in July. This issue has now been resolved and production has again reached 4,000 bopd.

The AOT phase 2 construction, which will increase the throughput capacity to 6,000 bopd, remains on track and is expected to be fully operational by October this year.

With the current well stock it is forecast that a production rate of between 4,500 and 5,000 bopd can be achieved on a continual basis, Tethys added.

Other highlights of the quarter included an update on the Kazakh independent resource report, which estimated the unrisked recoverable mean prospective oil resources at 1.23 billion barrels of oil.

In Tajikistan, the unrisked mean recoverable resource was upgraded to 27.5 billion barrels of oil equivalent in July. This figure is made up of 114 trillion cubic feet of gas and 8.5 billion barrels of oil and condensate.

The Tajik seismic programme will commence in late August as most equipment is now in country. This programme is designed to identify a drilling location for the first deep well expected to start in 2013.

Elsewhere, Tethys has signed a production enhancement contract (PEC) for a new oil field in Uzbekistan, the Chegara Group of Fields. 

The company has also signed a memorandum of understanding, agreeing a timetable for the potential signing of an Exploration Agreement a highly prospective exploration block in the North Ustyurt basin.

Tethys Petroleum (LON:TPL, TSE:TPL) has appointed a new chief executive and chairman, with immediate effect.

The Central Asia-focused firm has promoted Julian Hammond to CEO from deputy CEO, after Dr David Robson stepped down due to health issues.

Hammond has been deputy chief executive since February 2011 and was appointed to the board of directors in January 2012.

The company said in his role as deputy CEO Hammond has already assumed many of the daily operational duties handled by Dr Robson. In addition to chief executive he has also been made president.

Hammond has worked for Tethys since 2006 when he was made vice president.

The Rt. Hon Peter Lilley, who is currently vice chairman and non-executive director has become non-executive chairman.

In 2012 Lilley, the MP for Hitchin and Harpenden, was appointed as the co-chairman of the Uzbek-British Trade and Industry Council, which is a government-sponsored trade promotion body for bilateral economic co-operation.

Tethys, which added that all its operations in Kazakhstan, Tajikistan and Uzbekistan continue uninterrupted, recently revealed a huge resource upgrade at its assets in Tajikistan. 

The updated independent report pointed to an unrisked mean recoverable resource of 27.5 billion barrels of oil equivalent (BBOE), made up of 114 trillion cubic feet of gas and 8.5 billion barrels of oil and condensate.

Last week, the oil and gas firm unveiled a huge resource upgrade for its Tajikistan assets, which pointed to an unrisked mean recoverable resource of 27.5 billion barrels of oil equivalent (BBOE) in the Bokhtar PSC area in Tajikistan, made up of 114 trillion cubic feet of gas and 8.5 billion barrels of oil and condensate.

This represents a huge leap from December’s results, which showed 1.14 BBOE (7 trillion cubic feet) audited unrisked prospective resources within the block.

“This highly prolific region continues to yield significant rewards,” said Seymour Pierce analyst Sam Wahab, who also highlights the near-term production ramp-up in nearby Kazakhstan as another reason to invest in the stock.

He initiates coverage with a ‘buy’ rating and pre-drill target price of 72 pence.

Chief executive Dr David Robson called the resource increase “hugely significant”.

Tethys believes the geology of the Afghan-Tajik basin is set to emulate the neighbouring Amu-Darya basin, which is one of the world’s most prolific gas/condensate basins.

It plans to drill a deep well early next year to tap into the potentially game-changing resources.

Shares are once again on the charge, climbing 8 per cent to 40.5 pence. 

Shares in Tethys Petroleum surged today after the Central Asia-focused oil and gas explorer revealed a huge resource upgrade in Tajikistan.

"I am very pleased that Peter has been appointed to this position which is instrumental in developing commercial and business relations between Britain and Uzbekistan,” said Tethys’ chairman, president and CEO, Dr. David Robson.

"The previous incumbent, Dr Hartley Booth, did an excellent job in this role and we at Tethys Petroleum, as one of the very active investors in Uzbekistan, are pleased to see UBTIC moving forward and developing further its important role."

UBTIC is a government-sponsored trade promotion body for bilateral economic co-operation, and is an umbrella of the British Government's overseas trade organization, United Kingdom Trade & Investment.

The other co-chairman of the council is Elyor Ganiev, the minister of Foreign Economic Relations, Investment and Trade of Uzbekistan.

Lilley is currently a senior member of the British Parliament, and the vice-chairman of the All Party Parliamentary Group on Central Asia.

He previously was the Secretary of State for Trade and Industry, the Secretary of State for Social Security, Shadow Chancellor and Deputy Leader of the Conservative Party.

Tethys also said it recently appointed ambassador Zalmay Khalilzad to the company’s board of directors. Khalilzad will also chair a new strategic risk committee of the board.

At the beginning of July, the company announced that it secured a US$16.5 million loan facility with a Kazakh bank to cover its capital expenditures in Kazakhstan.

The company has already drawn down US$3.5 million on the facility, which has a term of up to four years and bears an interest rate of 14 per cent.

In June, the company upgraded the resource estimate for its Kazakhstan assets to 1.17 billion barrels of oil.

The upgrade was a result of additional 2D and 3D seismic acquisition and interpretation as well as drilling data, which has also increased the chance of success in the area.

Tethys said that it was preparing to spud the AKD07 well, located to the south east of the original AKD01 (Doris) discovery well, in mid-2012 to test the Dyna exploration prospect.

Dyna has been estimated to hold recoverable resource estimate of 128 million barrels of oil.

Tethys focuses on oil and gas exploration and production in Central Asia with activities currently in the Republics of Kazakhstan, Tajikistan and Uzbekistan.