Tethys Petroleum provides Kazakhstan Update
Tethys Petroleum Limited (“Tethys” or “the Company” (TSX:TPL) (LSE:TPL)) provided an update on the sale of 50% (+ 1 share) of Tethys Kazakhstan S.A to SinoHan Oil and Gas Investment 6 B.V. (“SinoHan”), part of HanHong, a Beijing, PRC based private equity fund. This deal is based upon USD75 million for the 50% (+ 1 share) interest.
Tethys has entered into an agreement with HanHong to extend the one-year longstop date for completing the sale by a period of six months, until 1 May 2015. This extension keeps the current agreement in place while discussions continue with the Kazakh State.
Tethys is focused on oil and gas exploration and production activities in Central Asia and the Caspian Region. This highly prolific oil and gas area is rapidly developing and Tethys believes that significant potential exists in both exploration and in discovered deposits.
Source: Tethys Petroleum Limited