Tethys Petroleum rockets higher as big guns sign up at Bokhtar
Tethys Petroleum (LON:TPL TSE:TPL) shares rocketed higher as it brought in two of the world’s largest oil firms to develop its huge Bokhtar field in Tajikistan.
French giant Total and China’s CNODC will both take a third share in the project, while Tethys’s Tajik subsidiary Kulob Petroleum (KPL) will also receive US$60 mln for back costs.
David Robson, executive chairman and president of Tethys, described it as a “tremendous deal” for the company and would be extremely beneficial for Tajikistan.
“It rewards us for taking the first steps into Tajikistan in 2006 and validates our extensive technical work to date.
“Total and CNPC are world class companies and we look forward to working with our new partners in Tajikistan which in our view has world class potential.”
He added that Total and CNODC have the experience to explore and develop giant petroleum deposits, while the new pipelines carrying gas from Central Asia to China provide a potential export route for any sizeable gas discovery.
“This farm-out also provides significant additional funding for our company to accelerate our other current projects,” he said.
Kulob, which is 85% owned by Tethys, will be partially carried on a US$80 million initial work programme of further seismic data acquisition followed by a deep exploration well. The farm-out is subject to final Tajik governmental approvals and State consents.
The PSC (production sharing contract) will be operated by a joint operating company to be set up and owned by KPL, Total and CNODC, in proportion to their ownership in the PSC.
Independent assessors have put the size of the Bokhtar production sharing contract (PSC) resource at a gross unrisked mean recoverable prospective 27.5bn barrels of oil equivalent, consisting of 114 trillion cubic feet (3.22 trillion cubic metres) of gas and 8.5 billion barrels of oil.
Shares in Tethys jumped by more than 40% to 37p.
Story by ProactiveInvestors
2012-12-24 03:15:17
Source:
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world. Anyone can join. Anyone can contribute. Anyone can become informed about their world. "United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
LION'S MANE PRODUCT
Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules
Mushrooms are having a moment. One fabulous fungus in particular, lion’s mane, may help improve memory, depression and anxiety symptoms. They are also an excellent source of nutrients that show promise as a therapy for dementia, and other neurodegenerative diseases. If you’re living with anxiety or depression, you may be curious about all the therapy options out there — including the natural ones.Our Lion’s Mane WHOLE MIND Nootropic Blend has been formulated to utilize the potency of Lion’s mane but also include the benefits of four other Highly Beneficial Mushrooms. Synergistically, they work together to Build your health through improving cognitive function and immunity regardless of your age. Our Nootropic not only improves your Cognitive Function and Activates your Immune System, but it benefits growth of Essential Gut Flora, further enhancing your Vitality.
Our Formula includes: Lion’s Mane Mushrooms which Increase Brain Power through nerve growth, lessen anxiety, reduce depression, and improve concentration. Its an excellent adaptogen, promotes sleep and improves immunity. Shiitake Mushrooms which Fight cancer cells and infectious disease, boost the immune system, promotes brain function, and serves as a source of B vitamins. Maitake Mushrooms which regulate blood sugar levels of diabetics, reduce hypertension and boosts the immune system. Reishi Mushrooms which Fight inflammation, liver disease, fatigue, tumor growth and cancer. They Improve skin disorders and soothes digestive problems, stomach ulcers and leaky gut syndrome. Chaga Mushrooms which have anti-aging effects, boost immune function, improve stamina and athletic performance, even act as a natural aphrodisiac, fighting diabetes and improving liver function. Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules Today. Be 100% Satisfied or Receive a Full Money Back Guarantee. Order Yours Today by Following This Link.
| Visits: | 1,710,633,783 |
| Stories: | 8,455,570 |
Whistler Blowers, Insiders
