OilVoice - New Project Opportunity from Kulob Petroleum

New Project Opportunity from Kulob Petroleum - Bokhtar PSC, Tajikistan

Friday, December 04, 2009

Kulob Petroleum Limited (a subsidiary Of Tethys Petroleum) is seeking partner(s) to farm-in to their Tajikistan prospect.

Overview:
Tethys Petroleum subsidiary Kulob Petroleum holds 100% the Bokhtar PSC 34,785 sq kms Tajikistan.

A recent TRACS audit of exploration leads saw an unrisked 1.1 bbbls in 133 structures in the shallow proven play. However this area which is an extension of the Amu Darya basin holds greatest promise in the undrilled deeper Jurassic sub salt play.

There is an ongoing programme of seismic acquisition and well re-entry and drilling in this first 18 month phase of the 25 year PSC. All current obligations are fulfilled and there is no relinquishment until 2014. The generous PSC allows < 70% cost recovery oil and then a 70% profit oil split to Kulob.

Farmout bids are requested based on both past costs, principally the $10mm survey and the next 18 month programme minimum one shallow exploration well. Farminee will gain an option on up to half the acreage with substantial equity and chance to operate.

A data room will be available in London from 5th January 2010 to 19th February 2010 with bids due by the 19th March 2010.