Tethys Petroleum Limited says that the Ministry of Oil and Gas of the Republic of Kazakhstan (MOG) has agreed to extend the Exploration Period for the Company's Kul-Bas Exploration and Production Contract (the "Contract") by a further two years until November 11, 2015.

The Kul-Bas contract area (which currently covers an area of 7,632 km2 (1.9 million acres)) surrounds the Akkulka contract area which contains the Company's producing oil and gas fields. This extension gives Tethys further time to explore this attractive area which has several prospects and leads and with a proved commercial oil and gas system in the Akkulka block. In addition the Kul-Bas block contains the KBD01 (Kalypso) well which is awaiting testing later this year after having encountered several intervals with hydrocarbon indications.

This extension is subject to registration of a suitable addition to the Contract.

Tags: Tethys Petroleum Limited