Kazakh oil ministry extends Tethys exploration contract

February 28. Universal Newswires

Kazakh oil ministry extends Tethys exploration contractKazakhstan’s oil and gas ministry has extended Tethys Petroleum’s contract to explore for fuel in the Kul-Bas deposit until 2015.

The contract was initially expected to expire in November 2013. Tethys says it has several leads and prospects on locations within the contract area.

The Kul-Bas area contracted by Tethys covers 1.9 million acres, and contains the Akkulka contract area, the site of the firm’s oil and gas fields.

The Kalypso well is also contained in the contract area. Tethys Petroleum expects to test the well later this year to determine the extent of the well’s fuel holdings.

Tethys Petroleum, a Toronto-listed firm, is focused on gas and oil exploration in Central Asia, and currently has active drilling programs in Kazakhstan, Tajikistan, and Uzbekistan.

Tethys considers the Central Asian region to be a “highly prolific oil and gas area”.