Azerbaijan, Baku, Feb. 28 / Trend E. Kosolapova/
Kazakh Oil and Gas Ministry has agreed to extend the Exploration Period for the Tethys Petroleum Limited's Kul-Bas Exploration and Production Contract by two years until November 11, 2015, the company reported on Thursday.
The Kul-Bas contract area (which currently covers an area of 7,632 square kilometers) surrounds the Akkulka contract area which contains the company's producing oil and gas fields.
"This extension gives Tethys further time to explore this attractive area which has several prospects," the company said.
In addition, the Kul-Bas block contains the KBD01 (Kalypso) well which is awaiting testing later this year after having encountered several intervals with hydrocarbon indications.
This extension is subject to registration of a suitable addition to the contract.
Tethys is focused on oil and gas exploration and production activities in Central Asia with activities currently in Kazakhstan, Tajikistan and Uzbekistan.