The company said that the MOU represents a timetable up to 1 May 2012 to negotiate for the two new PECs: one for the Chegara Group of fields and one on the West Kruk field.
Tethys regional manager Mamuka Murjikneli said this MoU is an excellent step forward with the company’s partner Uzbekneftegaz to work on more oil fields in Uzbekistan.
"These additional fields can be developed in conjunction with our currently producing North Urtabulak oil field increasing our short to medium term oil production base and cash flow in Uzbekistan," Murjikneli said.
Tethys is focused on oil and gas exploration and production activities in Central Asia with activities currently in Kazakhstan, Tajikistan and Uzbekistan.
