GRAND CAYMAN, CAYMAN ISLANDS — (Marketwire) — 03/30/12 — Tethys Petroleum Limited (“Tethys” or the “Company”) (TSX: TPL)(LSE: TPL) today announced its Annual Results for the period ended December 31, 2011. Tethys is focused on oil and gas exploration and production activities in Central Asia with activities currently in the Republics of Kazakhstan, Tajikistan, Uzbekistan. This highly prolific oil and gas area is rapidly developing and Tethys believes that significant potential exists in both exploration and in discovered deposits.
Operational Highlights
Kazakhstan
Tajikistan
Uzbekistan
Financial Highlights
The Company also announced completion of a USD10 million loan facility secured against its drilling rigs and related equipment. Part of this loan was a rollover of a previous debt facility primarily related to this equipment giving the company a total current debt burden of USD10 million dollars.
Dr. David Robson, Chairman and Chief Executive Officer of Tethys Petroleum, commented: “In 2011 we made significant progress on the key projects in Tethys. In Kazakhstan we drilled successful appraisal wells and made a new exploration discovery both significantly increasing our core reserves. The modeling work we have now completed based on these drilling results bodes well for the new appraisal/exploration wells we will drill in 2012 where success would see further reserves upgrades. The Aral Oil Terminal is now complete and will become operational imminently effectively doubling oil production. In Tajikistan we advanced the deep sub-salt exploration program with the completion of the graviometry survey, the results of which are very exciting and confirm our previous geological evaluation, indicating the possible presence of giant Jurassic reefs below the salt. Looking forward in 2012 the new final seismic survey will focus on the most prospective areas with the intention of firming up a location to spud a deep well.”
The full Annual Results together with a Management Discussion & Analysis and Annual Information Form have been filed with the Canadian securities regulatory authorities. Copies of the filed documents may be obtained via SEDAR at or on Tethys– website at . The summary financial statements are attached to this press release.
The Company–s 2011 financial statements are prepared under International Financial Reporting Standards (“IFRS”).
The above highlights along with other operational and financial details will be further discussed in a scheduled conference call. Details of the conference call can be found below:
Conference Call:
A conference call will be held at 11:45 AM Eastern Standard Time (4:45 PM British Summer Time) on Monday, April 2, 2012. The North American conference call number is 866 700 6293 and the outside North America conference call number is +1 617 213 8835. The conference call code to use is 94211241. Please call in about 10 minutes before the starting time in order to be patched into the call.
Webcast:
The call is being webcast and can be accessed at:
Tethys is focused on oil and gas exploration and production activities in Central Asia with activities currently in the Republics of Kazakhstan, Tajikistan and Uzbekistan. This highly prolific oil and gas area is rapidly developing and Tethys believes that significant potential exists in both exploration and in discovered deposits.
This press release contains “forward-looking information” which may include, but is not limited to, statements with respect to our operations. Such forward-looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions. See our Annual Information Form for the year ended December 31, 2011 for a description of risks and uncertainties relevant to our business, including our exploration activities. A barrel of oil equivalent (“boe”) conversion ratio of 6,000 cubic feet (169.9 cubic metres) of natural gas = 1 barrel of oil has been used and is based on the standard energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
Contacts:
Canada
Tethys Petroleum Limited
Sabin Rossi, Vice President Investor Relations
Office: +1 416 572 2065
+1 416 572 2201 (FAX)
Europe
Tethys Petroleum Limited
Veronica Zhuvaghena, Vice President Corporate Communications
Office: +44 1481 725911
+44 1481 725922 (FAX)
Asia Pacific: Quam IR
Anita Wan
Office phone/fax: +852 2217 2999
FTI Consulting
Ben Brewerton / Edward Westropp
Office: +44 (0) 207 831 3113
Tethys Petroleum Limited
Web:
Mobile site: m.tethyspetroleum.com