Tethys Petroleum Limited today announced it has signed a Memorandum of Understanding with the Uzbek State oil and gas company, National Holding Company “Uzbekneftegaz”. The objective of this MOU is to provide the framework for a Joint Study and the negotiation process for an Exploration Agreement relating to certain exploration blocks in the North Ustyurt Basin of Uzbekistan.
Dr. David Robson, Chief Executive Officer of Tethys, commented, “This MOU is an excellent step forward with our partners Uzbekneftegaz to potentially work together on exploring the North Ustyurt basin in Uzbekistan – a basin in which we have already had good exploration success. We believe that our extensive modeling of the Doris oil discovery and surrounding area can be very useful if applied to the Uzbek portion of the basin which we believe has very similar geological characteristics and excellent oil and gas prospectivity.”
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.