Monday, June 17, 2013

Tethys Petroleum Limited - TPL.t

Tethys Petroleum Limited - TPL.t is an oil and gas exploration and production company currently focused on Central Asia with projects in Kazakhstan, Tajikistan and Uzbekistan.

On May 16, 2013 the company released News

Tethys Petroleum Limited ("Tethys" or the "Company") (TSX:TPL)(LSE:TPL) today announced that it has signed a Protocol of Intent ("POI") with the Uzbek State oil and gas company, National Holding Company "Uzbekneftegaz" ("UNG") for exploration work on the Bayterek block in the North Ustyurt Basin of Northern Uzbekistan.

The POI for the Bayterek Investment Block follows on from the previous MOU and "Agreement on basic principles of the Exploration Agreement" between UNG and TPL. TPL and the Institute of Geology and Exploration of Oil and Gas Fields of UNG have jointly developed an Exploration Programme for the Block.

Tethys and UNG intend to execute an Exploration Agreement in accordance with the legislation of the Republic of Uzbekistan, and upon approval of the Exploration Program by the Government of the Republic of Uzbekistan both parties intend to complete negotiations, and will seek issuance of an appropriate Decree of the Government of Uzbekistan, within one calendar year.