Tethys Petroleum Limited

Tethys Petroleum Limited

October 31, 2014 16:17 ET

Tethys Petroleum Limited: Kazakhstan Update - Extension on HanHong Deal

ALMATY, KAZAKHSTAN--(Marketwired - Oct. 31, 2014) - Tethys Petroleum Limited ("Tethys" or "the Company" (TSX:TPL) (LSE:TPL)) today provided an update on the sale of 50% (+ 1 share) of Tethys Kazakhstan S.A to SinoHan Oil and Gas Investment 6 B.V. ("SinoHan"), part of HanHong, a Beijing, PRC based private equity fund. This deal is based upon USD75 million for the 50% (+ 1 share) interest.

Tethys has today entered into an agreement with HanHong to extend the one-year longstop date for completing the sale by a period of six months, until 1 May 2015. This extension keeps the current agreement in place while discussions continue with the Kazakh State.

Tethys is focused on oil and gas exploration and production activities in Central Asia and the Caspian Region. This highly prolific oil and gas area is rapidly developing and Tethys believes that significant potential exists in both exploration and in discovered deposits.

This press release contains "forward-looking information" which may include, but is not limited to, the anticipation that this correspondence may lead to the Kazakh State deciding to waive its pre-emptive right in respect of the sale or provide any other approvals required in connection with the sale or the sale to SinoHan being completed before the extended longstop date. There can be no assurance that the Kazakh State will determine to waive its pre-emptive right or provide any other approvals required in connection with the sale and there can be no certainty that the sale to SinoHan will be completed before the extended longstop date or thereafter. Such forward-looking statements reflect our current views with respect to future events. See our Annual Information Form for the year ended December 31, 2013 for a description of risks and uncertainties relevant to our business, including our exploration activities. The "forward looking statements" contained herein speak only as of the date of this press release and, unless required by applicable law, the Company undertakes no obligation to publicly update or revise such information, whether as a result of new information, future events or otherwise.

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