The Ministry of Oil and Gas of the Republic of Kazakhstan has extended the exploration period of Tethys Petroleum's Kul-Bas exploration and production contract by a further two years until November 11th 2015.

The Kul-Bas contract area, which currently covers an area of 7,632 square kilometres, surrounds the Akkulka contract area which contains the company's producing oil and gas fields.

The extension gives Tethys further time to explore the area, which has several prospects and leads and with a proved commercial oil and gas system in the Akkulka block.

The Kul-Bas block contains the KBD01 (Kalypso) well which is awaiting testing later this year after having encountered several intervals with hydrocarbon indications.

The extension is subject to registration of a suitable addition to the contract.

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

Its share price was down 2.24% to 54.50p at 13:09 on Thursday.

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