Tethys Petroleum Limited today announced that its wholly owned Kazakh subsidiary, TethysAralGaz LLP, has received permission from the Ministry of Energy of the Republic of Kazakhstan to extend the Akkulka Exploration Contract for another four years, from March 10, 2015 to March 10, 2019. 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.
Adapted from press release by Joe Green