Tethys Petroleum Limited 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 Republicof Uzbekistan both parties intend to complete negotiations, and will seek issuance of an appropriate Decree of the Government of Uzbekistan, within one calendar year.
Dr. David Robson, Executive Chairman and President of Tethys, commented: "The signing of the Protocol of Intent is a significant step forward with our partners Uzbekneftegaz to work together on exploring the North - West of Uzbekistan. We believe this area has great exploration potential and we look forward to using our working knowledge of the area to best exploit this attractive block."
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.
