GRAND CAYMAN, CAYMAN ISLANDS--(Marketwired - Jan. 6, 2015) - Tethys Petroleum Limited (TSX:TPL)(LSE:TPL) ("Tethys" or the "Company") today announced that its wholly owned Kazakh subsidiary, TethysAralGaz LLP ("TAG"), has received permission from the Ministry of Energy of the Republic of Kazakhstan to extend the Akkulka Exploration Contract (the "Contract") for another four years, from March 10, 2015 to March 10, 2019 (subject to certain routine amendments to the Contract). This is the first time the Company has received a four-year extension as historical extensions have been for two-year periods.
The Ministry of Energy has provided this extension to allow the Company to fully assess the acreage. In addition, the current oil production from the "Doris" oil field is produced under this contract and this extension allows for this to continue for the four-year period.
John Bell, Executive Chairman, commented, "I am pleased that through this extension we have secured appraisal and production rights on this very important contract area for another four years. It demonstrates the very good working relationship we have with the Ministry of Energy and other state bodies, and bodes well for our future operations in Kazakhstan."
This press release contains "forward-looking information". Such forward-looking statements reflect our current views with respect to future events, including the execution of routine amendments to the Contract and the significant potential of exploration and discovered deposits. The forward-looking statements are based on the assumption that routine amendments to the Contract will be executed. These forward-looking statements are subject to a number of risks and uncertainties, including the risk that that routine amendments to the Contract will not be executed. See our Annual Information Form for the year ended December 31, 2013 for a description of risks and uncertainties relevant to our business, including our exploration activities. The "forward looking statements" contained herein speak only as of the date of this press release and, unless required by applicable law, the Company undertakes no obligation to publicly update or revise such information, whether as a result of new information, future events or otherwise.