TASHKENT, UZBEKISTAN, Wednesday, May 18, 2011: Tethys Petroleum Limited today provided information on progress at the 15th Uzbekistan International Oil and Gas Conference (“OGU”) in Tashkent and in parallel with this signed a contract with the Institute of Geology and Prospecting for Oil and Gas Deposits (the “Institute”) of NHC Uzbekneftegaz (“UNG”), the State oil and gas company, to review materials on exploration areas in the Ustyurt region and the Bukhara‐Khiva region.
Dr. David Robson, Chief Executive Officer of Tethys, today gave a presentation on the “Doris oil discovery (in Kazakhstan) and the potential of the Ustyurt basin”. The Ustyurt basin covers large areas both in Kazakhstan and Uzbekistan. To date there has not been a commercial oil discovery in the Uzbek portion of the basin though the geology is similar to the area where Tethys has made a commercial oil discovery (Doris) in the Kazakh portion, some 35 km from the border of the two countries. Tethys believes that, by applying the same geological model and techniques used in the discovery of Doris to the Uzbekistan portion of the basin, there is very good potential for finding oil there too.
In conjunction with OGU, Tethys announced it has signed a contract with the Institute to study the potential of two separate prospective areas in Uzbekistan with a view to Tethys applying for suitable projects in these areas. The study will involve the assessment of existing data and the oil and gas bearing prospectivity of the areas on the basis to prepare proposals for the Government of Uzbekistan for further exploration activities. Tethys views both areas as having very good oil and gas potential.