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Tuesday, September 6, 2011

CNPC Wins Bid for Afghan Blocks

- CNPC Wins Bid for Afghan Blocks

Tuesday, September 06, 2011
Tethys Petroleum Ltd.

Tethys announced that it understands that the Chinese State Oil Company, CNPC, has won the tender for the Kashkari, Bazarkhami and Zamarudsay blocks in Northern Afghanistan which Tethys was also bidding for.

As a commercial oil and gas company Tethys could not offer the same terms as CNPC which, in Tethys' view, would make the project non-commercial. Tethys still believes there is good oil and gas potential in Afghanistan and will evaluate any other future opportunities there.

Tethys is focused on oil and gas exploration and production activities in Central Asia with activities currently in the Republics of Tajikistan, Kazakhstan 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.

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