Kul-Bas exploration and production contract granted a two-year extension
TORONTO -- Tethys Petroleum Limited today announced it has been granted a two-year extension to the Kul-Bas exploration and production contract in Kazakhstan.
The Ministry of the Republic of Kazakhstan (MOE) has agreed to extend the appraisal period for the contract by a further two years until November 11, 2017.
The Kul-Bas contract area, which currently covers an area of 7,632 km2 (1.9 million acres), surrounds the Akkulka contract area, which contains the company's producing oil and gas fields. This extension gives Tethys further time to explore and appraise this attractive area, which has several prospects and leads, and with a proved commercial oil and gas system in the Akkulka block. Within this contract area is the Klymene exploration prospect. This extension is subject to the approval of an appraisal extension project and work program and subsequent registration of a suitable addition to the contract.
