Tethys Petroleum is the only independent Oil and Gas Company with operations in three of the Central Asian Republics and with production in Kazakhstan, Tajikistan and Uzbekistan.
KAZAKHSTAN ASSETS In Kazakhstan, Tethys Petroleum is operating through its wholly owned subsidiaries, TethysAralGas LLP and Kul-Bas LLP, under four contracts in the North Ustyurt basin to the west of the Aral Sea adjacent to the prolific Pre-Caspian basin. It has a 100% working interest in the Kyzyloi Production Contract (287 sq. km), Akkulka Exploration Contract (1,380 sq. km), Akkulka Production Contract (110 sq. km) and the Kul-Bas Exploration and Production Contract (8,890 sq. km), together totaling a net area of over 10,000sq. km.
This highly prolific oil and gas area is rapidly developing and the Company believes significant potential exists in both exploration and in discovered deposits.
The Company is currently increasing production from and developing the Doris exploration oil discovery believing that this discovery has substantial potential after a successful exploration programme in 2010-2011. Appraisal of Doris and further oil exploration activities are planned for 2012. The company has also been producing gas from two shallow gas fields, Kyzyloi and Akkulka, since 2007 and has plans to continue expansion of this gas development.
TAJIKISTAN ASSETS In Tajikistan, Tethys Petroleum is one of the first oil and gas companies to work in the Republic. Tethys also negotiated the first Production Sharing Contract ("PSC") for the large Bokhtar area in the southwest region of the country. This PSC has a term until June 2033, and covers an area of some 34,785 sq. km, including almost the entire Tajik portion of the Afghan-Tajik basin, part of the prolific Amu Darya basin. This is an underexplored basin with what the Company believes to be very large upside potential, especially in the deeper horizons with possible analogues to the supergiant gas and gas condensate fields in nearby Turkmenistan and Uzbekistan.
Tethys owns 85% of Seven Stars Energy Corporation, which in turn owns 100% of Tethys Services Tajikistan, the Operating Company under the PSC, and Kulob Petroleum Limited, the Contractor under the PSC, and is currently involved in an extensive programme of oil and gas field re-development, exploration drilling, and seismic acquisition/interpretation.
UZBEKISTAN ASSETS Tethys Petroleum's current activities in Uzbekistan relate to increasing oil production from the North Urtabulak oilfield. Here the Company operates under a Production Enhancement Contract ("PEC") with NHC Uzbekneftegaz, the State oil and gas company and is involved in working to increase oil production. The North Urtabulak field is located in the Kashkadarya region of Uzbekistan south east of the city of Bukhara and within the prolific Amu Darya basin. Tethys Petroleum is planning to further expand production under the PEC through the drilling of new wells and the application of modern production enhancement techniques.
Tethys Petroleum's Uzbek subsidiary, Tethys Petroleum Uzbekistan B.V., has established a representation in Tashkent, the Uzbek capital city and is actively seeking additional projects in Uzbekistan on other producing fields and also projects with exploration potential.
