Total and CNODC Farm-in to Tethys' Tajikistan Assets

Source: www.gulfoilandgas.com 12/21/2012, Location: Asia

Tethys Petroleum Limited, the oil and gas exploration and production company focused on Central Asia, announced that its subsidiary, Kulob Petroleum Limited, has signed a farm-out agreement ("FOA") for the Bokhtar Production Sharing Contract ("PSC") in Tajikistan with subsidiaries of Total S.A. ("Total") and the China National Oil and Gas Exploration and Development Corporation ("CNODC").

The farm-out is subject to final Tajik governmental approvals and State consents. Closing will take place once these approvals and all other conditions precedent under the FOA are satisfied and is expected to take place in the first quarter of 2013.

An Independent Resource Report of the Bokhtar PSC (dated June 30, 2012), prepared in accordance with Canadian National Instrument 51-101, estimates Gross unrisked mean recoverable prospective resources of 27.5 billion barrels of oil equivalent, consisting of 114 trillion cubic feet (3.22 trillion cubic metres) of gas and 8.5 billion barrels of oil.

Dr David Robson, Executive Chairman and President of Tethys, said:
"This is a tremendous deal for Tethys and extremely beneficial for the country of Tajikistan. It rewards us for taking the first steps into Tajikistan in 2006 and validates our extensive technical work to date. Total and CNPC are world class companies and we look forward to working with our new partners in Tajikistan which in our view has world class potential! Our partners each bring additional strengths to the project with extensive experience and skills in exploring and developing giant petroleum deposits and with the new pipelines carrying gas from Central Asia to China providing a potential export route for any sizeable gas discovery. This farm-out also provides significant additional funding for our Company to accelerate our other current projects."


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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