Tethys Petroleum Limited announced that the Kazakh State Reserves Committee (GKZ) has approved the Company's gas reserve evaluation for the Kyzyloi Production Contract area (the "Contract").

This approval is a precursor to a further extension of 15 years of the Contract and is subject to confirmation and registration of this extension with the appropriate bodies including the Ministry of Oil and Gas of the Republic of Kazakhstan (MOG).

The Contract Area covers some 287 km2 (70,918 acres) and the Company is currently producing gas from the shallow Kyzyloi sandstone in this area. Such an extension will give Tethys significantly more time to produce natural gas from this attractive area.

Tags: Tethys Petroleum Limited