Tethys Petroleum Limited announces that its wholly owned subsidiary, Tethys Petroleum Inc. (“TPI”) has secured loan financing from a group of accredited investors in the amount of USD$5,300,000 toward the purchase of a new drilling rig from China.
Dr. David Robson, CEO and President of Tethys, said of the acquisition, “This financing helps secure a rig for the deeper drilling program and beyond and provides for significant cost saving on individual wells. It has been manufactured by a high quality firm that last year made over 100 deep drilling rigs, many of which were exported all over the world. “
Tethys is focused on oil and gas exploration and production activities in Central Asia with activities currently in the Republic of Kazakhstan and more recently the Republic of Tajikistan. This highly prolific oil and gas area is rapidly developing and Tethys believes that significant potential exists in both exploration and in discovered deposits.