Baku, Azerbaijan, Jan. 6
By Elena Kosolapova -Trend:
TethysAralGaz LLP, which is wholly owned Kazakh subsidiary of Tethys Petroleum Limited, has received permission from Kazakh Energy Ministry to extend the Akkulka Exploration Contract for another four years, Tethys Petroleum Limited reported on Jan. 6.
Tethys is focused on oil and gas exploration and production activities in Central Asia and the Caspian Region.
"This is the first time the company has received a four- year extension as historical extensions have been for two-year periods," the company said.
The contract will be extended from March 10, 2015 to March 10, 2019.
The Energy Ministry of has provided this extension to allow Tethys to fully assess the acreage.
This highly prolific oil and gas area is rapidly developing and Tethys believes that significant potential exists in both exploration and in discovered deposits.
In addition, the current oil production from the "Doris" oil field in Kazakhstan 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," John Bell, Tethys' Executive Chairman said.
Edited by S.I.
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