Tethys Petroleum works in oil and gas industry of many countries, including in the CIS. The company entered into Uzbek market via acquisition of North Urtabulak oil project.

During several months of work at North Urtabulak oil field, the company achieved significant growth of production due to modernization and it is planning to introduce new technology to increase extraction.

Dr David Robson, Chairman, President and Chief Executive Officer, Tethys Petroleum Group, said Tethys considers Uzbekistan as perspective for development of cooperation.

He said that holding meeting of the Board of Directors in Uzbekistan, the company wants underline importance of cooperation with the country, which plays key role in the important region of the world. Robson added that the country has huge energy potential and created institutional conditions for attracting foreign investments, including in hydrocarbon production.

Tethys president said the Board of Directors plans to consider strategy on further development, including opportunities of expansion of raw base and carrying our exploration works in Uzbekistan. Tethys is ready to propose the Uzbek partners modern equipment and unique knowledge and new investments, he said. He added that it is also planned to study the country, its potential and opportunities.

Tethys Petroleum Limited is an oil and gas exploration and production company listed on the Toronto Stock Exchange (symbol “TPL”) and the Regional Financial Center of Almaty (“RFCA”) Special Trading Floor of the Kazakhstan Stock Exchange, where it was the first foreign oil and gas company to be accepted for listing.

Tethys Petroleum is focused on the prolific sedimentary basins of Central Asia and the Caspian Region, with its current projects in Kazakhstan, Tajikistan, and Uzbekistan.

Tethys Petroleum Group currently has offices in Aktobe, Almaty, Astana, Boston, Bozoi, Dushanbe, Geneva, Guernsey, London, Toronto and Washington DC.

According to Tethys Petroleum, the newly acquired North Urtabulak oil project in Uzbekistan contributed approximately US$1.6 million of the company’s second quarter 2009 revenues. Oil production from the North Urtabulak field attributable to Tethys in the second quarter 2009 averaged 914 barrels of oil per day (bopd) compared to current net production which is some 1,000 bopd.