Tethys Petroleum signs deal to explore two regions in Uzbekistan
Central Asia-focused Tethys Petroleum (TSE:TPL) has signed a contract with the State-owned holding company of Uzbekistan's oil and gas industry to review materials on exploration areas in the Ustyurt and Bukhara-Khiva regions, the company said Wednesday.
The deal comes at the same time as the company's presentation at the 15th Uzbekistan International Oil and Gas Conference in Tashkent - where it today spoke about its Doris oil discovery in Kazakhstan and the potential of the Ustyurt basin, which covers large areas both in Kazakhstan and Uzbekistan.
To date, there has not been a commercial oil discovery in the Uzbek portion of the basin even though the geology is similar to the area where Tethys found Doris in the Kazakh portion, some 35 kilometres from the border of the two countries.
The company said that by applying the same geological model and techniques, there is also potential to find oil in the Uzbekistan portion of the basin.
Under the contract signed today, the purpose is to study two promising areas in Uzbekistan with the intent of starting up projects in these zones.
The study will assess existing data, and the general oil and gas potential of the areas to prepare exploration proposals for the Uzbekistan government.
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