Tethys Petroleum Limited on Tuesday announced that it has completed the purchase of 34% of the shares in Seven Stars Energy Corporation from its Tajik joint venture partner Sangam Limited, and increased its shareholding to 85% (from 51%).
Seven Stars Energy Corporation is the owner of the rights to the Bokhtar Production Sharing Contract ("Bokhtar PSC") in Tajikistan.
-- Tethys now owns a 85% controlling interest in the Bokhtar PSC
-- 1.14 Billion barrels oil equivalent (7 TCF) audited unrisked Prospective Resources are contained within the Contract Area
-- Excellent commercial terms fixed under a 25-year Production Sharing Contract
-- 35,000 Km2 (8.7 million acres) of the underexplored Afghan-Tajik Basin with world class discovered fields nearby
-- Current oil production
-- Ongoing data acquisition in final stages with ultimate goal to drill the first deep pre-salt exploration well in the near future
Dr. David Robson, Chief Executive Officer of Tethys, said, "This is a great step forward that will allow Tethys a greater share in a very prospective, yet underexplored, area. I consider the Afghan-Tajik Basin and its extension the Amu-Darya Basin to be one of the most prolific in the world with giant and supergiant gas and condensate fields such as those in neighbouring Uzbekistan and in Turkmenistan. We are very pleased to have the continued support of our partners Sangam and will continue in ongoing discussions with potential farm-in partners with this acquisition providing a more efficient corporate structure for potential investors. This is a unique opportunity to now move forward and leverage a majority ownership in what Tethys regards as the jewel in the crown of the company."
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