Chegara Presidential Decree Issued
TASHKENT, UZBEKISTAN -- (Marketwired) -- 09/10/13 -- Tethys Petroleum (TSX:TPL)(LSE:TPL) 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."
This press release contains "forward-looking information" which include, but is not limited to, statements with respect to statements related to the registration and effectiveness of the PEC and the addition of a cash flow stream to the Company's portfolio. Such forward-looking statements reflect our current views with respect to future events and are based on certain assumptions, including our assumption that the time frame for registration and effectiveness of the PEC will be consistent with the registration of other production contracts and the assumption that the production wells at the Chegara field will generate positive cash flow for the Company in the near future. These forward looking statements are subject to risks and uncertainties, including the risk that registration of the PEC will be postponed as a result of administrative delays and the risk that production from the wells will not meet expectations or will be delayed. See our Annual Information Form for the year ended December 31, 2012 for a description of risks and uncertainties relevant to our business. 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.
Tethys Petroleum Investor Relations:
Vice President Investor Relations
FTI Consulting - London
Ben Brewerton / Natalia Erikssen
+44 207 831 3113
Quam IR - Asia Pacific
+852 2217 2999
Mobile site: m.tethyspetroleum.com
Source: Tethys Petroleum Limited