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Tethys given extra time for Doris oilfield development in Kazakhstan

06th January 2015

Tethys Petroleum has 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 for another four years, from March 10, 2015 to March 10, 2019 (subject to certain routine amendments to the contract)

Tethys Petroleum has 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 for another four years, from March 10, 2015 to March 10, 2019 (subject to certain routine amendments to the contract)
In addition, the current oil production from the Doris oilfield is produced under this contract and this extension allows for this to continue for the four-year period

"I am pleased that through this extension we have secured appraisal and production rights on this very important contract area for another four years,” said John Bell, Tethys executive chairman. “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 is the first time the company has received a four-year extension as historical extensions have been for two-year periods.

The energy ministry has provided this extension to allow the company to fully assess the acreage.

In addition, the current oil production from the Doris oilfield is produced under this contract and this extension allows for this to continue for the four-year period.

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