Tethys Tethys Petroleum Limited: Kazakhstan - Akkulka Exploration Contract Extension
January 06 2015 - 2:00AM
UK Regulatory
TIDMTPL
Tethys Petroleum Limited: Kazakhstan - Akkulka Exploration Contract Extension
FOR: TETHYS PETROLEUM LIMITED
TSX, LSE SYMBOL: TPL
January 6, 2015
Tethys Petroleum Limited: Kazakhstan - Akkulka Exploration Contract Extension
GRAND CAYMAN, CAYMAN ISLANDS--(Marketwired - Jan. 6, 2015) - Tethys Petroleum Limited (TSX:TPL)(LSE:TPL)
("Tethys" or the "Company") today announced that its wholly owned Kazakh subsidiary, TethysAralGaz LLP ("TAG"),
has received permission from the Ministry of Energy of the Republic of Kazakhstan to extend the Akkulka
Exploration Contract (the "Contract") for another four years, from March 10, 2015 to March 10, 2019 (subject to
certain routine amendments to the Contract). This is the first time the Company has received a four-year
extension as historical extensions have been for two-year periods.
The Ministry of Energy has provided this extension to allow the Company to fully assess the acreage. In
addition, the current oil production from the "Doris" oil field is produced under this contract and this
extension allows for this to continue for the four-year period.
John Bell, Executive Chairman, commented, "I am pleased that through this extension we have secured appraisal
and production rights on this very important contract area for another four years. It demonstrates the very
good working relationship we have with the Ministry of Energy and other state bodies, and bodes well for our
future operations in Kazakhstan."
Tethys is focused on oil and gas exploration and production activities in Central Asia and the Caspian Region.
This highly prolific oil and gas area is rapidly developing and Tethys believes that significant potential
exists in both exploration and in discovered deposits.
This press release contains "forward-looking information". Such forward-looking statements reflect our current
views with respect to future events, including the execution of routine amendments to the Contract and the
significant potential of exploration and discovered deposits. The forward-looking statements are based on the
assumption that routine amendments to the Contract will be executed. These forward-looking statements are
subject to a number of risks and uncertainties, including the risk that that routine amendments to the Contract
will not be executed. See our Annual Information Form for the year ended December 31, 2013 for a description of
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.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Tethys Investor Relations
Tethys Petroleum Limited
Sabin Rossi
Vice President Investor Relations
srossi@tethyspetroleum.com
OR
info@tethyspetroleum.com
Web: http://www.tethyspetroleum.com
Twitter: https://twitter.com/tethyspetroleum
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