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Tethys Petroleum Limited: Tethys Petroleum Limited: Contract Extension for Akkulka and Drilling Update

^{Published on 2009-08-13 06:09:25, Last Modified on 2009-08-13 06:09:37 - Market Wire}
 

ALMATY, KAZAKHSTAN--(Marketwire - Aug. 13, 2009) - Tethys Petroleum Limited ("Tethys" or the "Company") (TSX:TPL) today announced that its wholly owned Kazakh subsidiary TethysAralGaz LLP ("TAG") has received permission from the Ministry of Energy and Mineral Resources of the Republic of Kazakhstan ("MEMR") to extend the period of the Akkulka Exploration and Production Contract (the "Akkulka Contract") from Sept (17), 2009 until March 10, 2011 with appropriate amendments to be made to the Akkulka Contract.

George Mirtskhulava, Head of Tethys' Kazakh Business Unit and Managing Director of TAG commented: "We are extremely pleased to have been given this permission to extend the period of the Akkulka Contract which will give us further time to find and develop more gas in this area and to appraise any discovery we might make in our AKD01 deep exploration well."

Tethys also updated on its current drilling operations in Kazakhstan and Tajikistan.

In Kazakhstan the Akkulka exploration well AKD01 is currently drilling ahead at a depth of 2,708 metres (8,884 metres) towards the prognosed target zone. This is expected to be reached by early September.

In Tajikistan, East Komsomolsk well KOM200 is currently at a depth of 350 metres (1,148 feet) where casing is to be set. A significant gas influx was encountered in this section, most likely due to intersecting a fault from deeper gas bearing strata and work is now underway to run casing. The East Olimtoi exploration well EOL09 is currently drilling ahead at a depth of 2,692 metres (8,800 feet) towards the next casing point.

This press release contains "forward-looking information" which may include, but is not limited to, statements with respect to our operations. Such forward-looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions. See our Annual Information Form for the year ended December 31, 2008 for a description of risks and uncertainties relevant to our business, including our exploration and development activities.