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Market: TSX
Sector: Oil & Gas Exploration & Production
Epic: TPL
News: Latest news
Web Site: Tethys Petroleum
Other Articles: 08-02-201012-01-201011-01-2010

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Tethys Petroleum

Tethys Petroleum

Tethys Petroleum Limited's strategy is to create shareholder value by building an oil and gas exploration and production company focused on Central Asia in areas with substantial oil and gas potential, building on the strengths of its management team and with a mix of short-term cash flow and upside potential. Currently Tethys has projects in Kazakhstan, Tajikistan and most recently Uzbekistan. Tethys is listed on the Toronto Stock Exchange in Canada and the RFCA Exchange in Almaty, Kazakhstan.

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Monday, January 11, 2010

President Karimov of Uzbekistan lends support to Tethys Petroleum’s oil and gas activities

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Tethys Petroleum ("Tethys")(TSX: TPL) released one of the more intriguing announcements in Canada today, reporting that the President of Uzbekistan had issued instructions to NHC Uzbekneftegaz, the state oil and gas company, to “evaluate further expansion of cooperation with Tethys in carrying out exploration works on perspective areas and increasing oil production on existing fields”.


"We are very pleased to receive this support from his Excellency President Karimov in furthering our activities in Uzbekistan,” stated Julian Hammond, Chief Commercial Officer of Tethys, “The fact this Order has been issued after a relative short period of activity by the company in Uzbekistan reflects the commitment we have shown on our existing project and also the commitment to expand our activities in the oil and gas industry in Uzbekistan."


Tethys went on to report that the first focus area is supporting its ambitions to up production at the North Urtabulak oil field in the south-western region of the country.  Tethys is currently drilling the NUR116 development well at North Urtabulak, and is undertaking reservoir modelling for the field to help in field development planning.

Tethys believes there is significantly more recoverable oil remaining in the North Urtabulak oilfield.


The second focus area is assisting Tethys in the area of new exploration. Tethys believes there is substantial exploration potential in Uzbekistan, including in the Ustyurt basin in the north of the country where it recently reported a new oil discovery.


£Tethys believes that its unique technical knowledge gained in Kazakhstan could be invaluable in any potential joint exploration work with Uzbekneftegaz in similar geology in Uzbekistan,” Tethys added.  “Tethys believes the issue of this Order will facilitate discussions with the State oil and gas company and help progress toward obtaining some exploration acreage in this attractive area.”


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

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