Both the firms plan to execute an exploration agreement in accordance with the legislation of the Republic of Uzbekistan and intend to complete negotiations after approval of the exploration programme by the government.
TPL and the Institute of Geology and Exploration of Oil and Gas Fields of UNG have developed an exploration programme for the Bayterek block.
Tethys Petroleum executive chairman and president David Robson said the signing of POI is a crucial step with Uzbekneftegaz, which allows to work together to explore the North – West of Uzbekistan.
"We believe this area has great exploration potential and we look forward to using our working knowledge of the area to best exploit this attractive block," Robson added.
