Tethys Completes Tajikistan Acquisition
December 13 2011 - 9:11AM
UK Regulatory
TIDMTPL
Tethys Completes Tajikistan Acquisition
FOR: TETHYS PETROLEUM LIMITED
TSX, LSE SYMBOL: TPL
December 13, 2011
Tethys Completes Tajikistan Acquisition
DUSHANBE, TAJIKISTAN--(Marketwire - Dec. 13, 2011) - Tethys Petroleum Limited ("Tethys" or the "Company")
(TSX:TPL)(LSE:TPL) today announced that it has completed the purchase of 34% of the shares in Seven Stars
Energy Corporation from its Tajik joint venture partner Sangam Limited, and increased its shareholding to 85%
(from 51%).
Seven Stars Energy Corporation is the owner of the rights to the Bokhtar Production Sharing Contract ("Bokhtar
PSC") in Tajikistan.
/T/
=- Tethys now owns a 85% controlling interest in the Bokhtar PSC
=- 1.14 Billion barrels oil equivalent (7 TCF) audited unrisked Prospective
Resources are contained within the Contract Area
=- Excellent commercial terms fixed under a 25-year Production Sharing
Contract
=- 35,000 Km2 (8.7 million acres) of the underexplored Afghan-Tajik Basin
with world class discovered fields nearby
=- Current oil production
=- Ongoing data acquisition in final stages with ultimate goal to drill the
first deep pre-salt exploration well in the near future
/T/
Dr. David Robson, Chief Executive Officer of Tethys, said, "This is a great step forward that will allow Tethys
a greater share in a very prospective, yet underexplored, area. I consider the Afghan-Tajik Basin and its
extension the Amu-Darya Basin to be one of the most prolific in the world with giant and supergiant gas and
condensate fields such as those in neighbouring Uzbekistan and in Turkmenistan. We are very pleased to have the
continued support of our partners Sangam and will continue in ongoing discussions with potential farm-in
partners with this acquisition providing a more efficient corporate structure for potential investors. This is
a unique opportunity to now move forward and leverage a majority ownership in what Tethys regards as the jewel
in the crown of the company."
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. This highly prolific oil and gas area is
rapidly developing and Tethys believes that significant potential exists in both exploration and in discovered
deposits.
Forward Looking Information and Cautionary Statement regarding Prospective Resources
This press release contains "forward-looking information" which may include, but is not limited to, statements
with respect to our operations. Such forward-looking statements reflect our current views with respect to
future events and are subject to certain risks, uncertainties and assumptions, the risk that the Company may be
unable to complete its data and drilling programs within the timeframes contemplated. In addition, there is no
certainty that any portion of the prospective resources will be discovered, and if discovered, there is no
certainty that it will be commercially viable to produce any portion of the prospective resources. The term
"prospective resources" is based on the definition in the COGE Handbook. The prospective resources were
determined as at December 31, 2010. Reference is made to pages 66 to 68 of the Company's Annual Information
Form dated March 23, 2011 available on sedar.com for a discussion relating to the prospective resources,
including the description thereof and risks and uncertainties associated with recovery of Prospective
Resources. See our Annual Information Form for a description of other risks and uncertainties relevant to our
business, including our exploration activities. The "forward looking statements" contained herein speak only as
of the date of this press release and, unless required by applicable law, the Company undertakes no obligation
to publicly update or revise such information, whether as a result of new information, future events or
otherwise.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Tethys Petroleum Limited
Sabin Rossi
Vice President Investor Relations
Office: +1 416 572 2065
+1 416 572 2201 (FAX)
info@tethyspetroleum.com
OR
In Europe: Tethys Petroleum Limited
Veronica Zhuvaghena
Vice President Corporate Communications
Office: +44 1481 725911
+44 1481 725922 (FAX)
Web: www.tethyspetroleum.com
Mobile site: m.tethyspetroleum.com
OR
In Asia-Pacific: Quam IR
Anita Wan
Associate Director
Office: +852 2217 2999
+852 2217 2999 (FAX)
Tethys Petroleum Limited
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