Kul-Bas Contract Extended 2 Years

Source: www.gulfoilandgas.com 12/29/2015, Location: Asia

Tethys Petroleum Limited (TPL) announced it has been granted a 2-year extension to the Kul-Bas Exploration and Production Contract (the "Contract") in Kazakhstan and also provided an update on the previously announced US$15 million convertible facility and C$25.5 million private placement with Olisol Investments Limited ("Olisol").

Kul-Bas Exploration and Production Contract 2-year Extension
Tethys is pleased to announce that the Ministry of the Republic of Kazakhstan ("MOE") has agreed to extend the Appraisal Period for the Contract by a further two years until November 11, 2017.

The Kul-Bas contract area (which currently covers an area of 7,632 km2 (1.9 million acres)) surrounds the Akkulka contract area which contains the Company's producing oil and gas fields. This extension gives Tethys further time to explore and appraise this attractive area which has several prospects and leads and with a proved commercial oil and gas system in the Akkulka block. Within this contract area is the Klymene exploration prospect. This extension is subject to the approval of an appraisal extension project and work programme and subsequent registration of a suitable addition to the Contract.


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