Tethys Petroleum reported Chegara Production Limited (CPL), its 100% owned subsidiary, has signed a Production Enhancement Contract (PEC) for a new oil field, the Chegara Group of Fields (Chegara), in Uzbekistan. In addition Tethys announced it had signed a Memorandum of Understanding (MOU), which agrees a timetable for the potential signing of an Exploration Agreement for a highly prospective Exploration block.

Key Points:

• New 25-year Production Enhancement Contract on oil field • Existing producing oil wells • Significant upside in undrilled areas - additional geophysical data to be acquired • MOU for potential Exploration Agreement on an exploration block in North Ustyurt Basin

Tags: Tethys Petroleum Limited