/KASE, May 17, 12/ - Tethys Petroleum Limited (Channel Islands), common shares of which are officially listed on Kazakhstan Stock Exchange (KASE), provided to KASE the following press release of May 16, 2012:

quotation

Tethys Petroleum (TSX: TPL)(LSE: TPL) today announced Chegara Production Limited ("CPL"), its 100% owned subsidiary, has signed a Production Enhancement Contract ("PEC") for a new oil field, the Chegara Group of Fields ("Chegara"), in Uzbekistan. In addition Tethys announced it had signed a Memorandum of Understanding ("MOU"), which agrees a timetable for the potential signing of an Exploration Agreement for a highly prospective Exploration block.

Key points:

• New 25-year Production Enhancement Contract on oil field.
• Existing producing oil wells.
• Significant upside in undrilled areas - additional geophysical data to be acquired.
• MOU for potential Exploration Agreement on an exploration block in North Ustyurt Basin

ends

The press release full version in Russian is available on KASE website at see more

[2012-05-17]