Tajikistan: Tethys Petroleum Takes 34 Per Cent Stake in Seven Stars

Tethys Petroleum has today announced the completion of its acquisition of a 34 per cent stake in the Seven Stars Energy Corp from joint partner in the venture, Sangam.

The acquisition increases Tethys' stake in Seven Stars from 51 per cent to 85 per cent.

Seven Stars is the owner of the rights in the Bokhtar Production Sharing Contract in Tajikistan.The area covered by the PSC, on independent auditing, has been shown to contain an approximate 1.14 Billion barrels oil equivalent.

Dr. David Robinson, CEO of Tethys, said that the acquisition granted the company a greater interest in what Tethys saw as the "jewel in the crown" of its business interests.

"This is a great step forward that will allow Tethys a greater share in a very prospective, yet underexplored, area," he said.

"I consider the Afghan-Tajik Basin and its extension the Amu-Darya Basin to be one of the most prolific in the world with giant and supergiant gas and condensate fields such as those in neighbouring Uzbekistan and in Turkmenistan..'

Source: Tethys Petroleum