Tethys Petroleum Ltd. has signed a protocol of intent with the Uzbek state oil and gas company Uzbekneftegaz for exploratory work on the Bayterek block in the North Ustyurt basin in northern Uzbekistan.
The POI follows from the previous memorandum of understanding and “agreement on basic principles of the exploration agreement” between UNG and TPL. TPL and the Institute of Geology and Exploration of Oil and Gas Fields of UNG have jointly developed an exploration program for the block.
Tethys and UNG intend to execute an exploration agreement in accordance with Uzbek legislation, and upon approval of the exploration program by the government both parties intend to complete negotiations and will seek issuance of an appropriate government decree within 1 year.