Tethys Petroleum: Chegara Presidential Decree Issued

Tethys Petroleum is pleased to announce that it has received final presidential approvals for the Production Enhancement Contract (“PEC”) for the Chegara Group of Oilfields in southern Uzbekistan.

According to the Decree of the President of the Republic of Uzbekistan No. PP-2025 “On measures to enhance oil production from the fields of the Bukhara-Khiva oil and gas region in the Republic of Uzbekistan” dated August 19, 2013, the UNG proposal on the Contract for enhancement of liquid hydrocarbon production in the Chegara Group of Fields between JSC Uzneftegazdobycha, JSC Uznefteproduct and Chegara Production Limited, a wholly owned subsidiary of Tethys Petroleum Limited, was agreed and adopted.

The PEC will now be registered with the appropriate State bodies in the Republic of Uzbekistan and will be declared effective after which work will begin. This is planned to be within the next two months.

Dr David Robson, Executive Chairman and President of Tethys, commented, “It was a great pleasure to receive confirmation of the Presidential approval for the Chegara PEC from UNG, and we look forward to commencing equity production from Chegara in the nearest future, this adding another cash flow stream to the Company’s portfolio from what we believe to be a significant asset with excellent potential.”