Tethys Gets 15 Years Extension to Kyzyloi Production Contract

Central Asia-focused Tethys Petroleum announced Friday that its subsidiary TethysAralGaz has received permission from Kazakhstan’s government to extend the Kyzyloi Gas Production Contract for another 15 years to December 31, 2029.

The Kyzyloi contract area has also been increased by 56 percent to 110,950 acres and now encompasses a larger gas-bearing area. The area includes the successful AKK08 and AKK10 gas wells as well as the AKK05 well, which will be worked over later in the first quarter of 2015.

Tethys Executive Chairman John Bell commented in a company statement:

"This very important gas production contract extension follows on from the Akkulka Exploration Contract Extension earlier this month, and is another manifestation of the good working relationship that the company has worked hard to build up with the Kazakh authorities. We see very good growth potential in the gas business over next few years both in terms of pricing and volume and this approval of Kyzyloi for an additional 15 years provides a solid production base from which to achieve this growth."

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