Tethys Issues Tender for Tajik Seismic

Tethys Petroleum Limited announced the issue of a tender for the final stage seismic program in Tajikistan which when complete will identify the location for the first deep pre-salt well to be drilled by Tethys. Tethys also updated on its deep exploration strategy in Tajikistan.

The initial analysis of the data from the aerial graviometry survey completed at the end of 2011 has revealed several attractive prospective areas with the potential presence of very large deep sub-salt and sub-thrust prospects within the Bokhtar Production Sharing Contract ("PSC") Area. This additional seismic will target these areas and provide the final data in a comprehensive program to optimally locate a deep well. It is expected that this data will be acquired this summer with initial interpreted results in 4Q 2012. It is also expected that Tethys' large drilling rig "Telesto" will be mobilized to Tajikistan before the end of this year in order to drill this well.

The seismic program will involve the acquisition of approximately 541 miles (870 kilometers) of new 2D seismic in two areas; the Dushanbe Step and the Vaksh valley. The program has been designed to target these areas as the graviometry survey has identified them to be the most likely to contain large deep prospects including potential Jurassic reefs located on the edge of likely Permian basement high features. Jurassic reefs form some of the most prolific fields in the Amu Darya basin and no wells have ever been drilled through the overlying salt layer in Tajikistan to date. The data also reveals significant potential in other parts of the PSC Area, including the Kulob area, however it has been decided to focus on the Dushanbe Step and the Vaksh valley initially.

It is expected that this seismic program will further demonstrate the high potential in the Tethys PSC acreage. Tethys now owns an 85 percent interest in the Bokhtar PSC following the recent acquisition of an additional 34 percent interest from its partner in the project.