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Tethys Petroleum Ltd.


Tethys Petroleum Ltd.'s strategy is to create shareholder value by building an oil and gas exploration and production company focused on oil and gas exploration and production activities in Central Asia. The company is currently active in the republics of Kazakhstan, Tajikistan and Uzbekistan. This highly prolific oil and gas area is rapidly developing, with significant potential in both exploration and deposits already discovered. Tethys is the only independent oil and gas company operating in all three Republics.

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Comments:

Sadif Research (11/25/13) "Tethys Petroleum Ltd. rates as an above-average investment. . .the company's share price has risen sharply over the past year. . .a StockMarks analysis of Tethys Petroleum reveals a company with an above-average quality and strong long-term business growth. The likelihood of Tethys Petroleum stock to outperform the market as measured by the Outperformance StockMark (SMO) is slightly above average with a rating of 55/100."

Stephane Foucaud, FirstEnergy Capital (11/19/13) "We reiterate our Outperform recommendation on Tethys Petroleum Ltd. with a target price of £0.75/CA$1.22 following the publication of the company's Q3/13 results. . .the shares remain cheap; the company is very well cashed-up and benefits from multiple drilling catalysts with an unrisked NAV of £1.29/CA$2.10/share."

The Energy Report Interview with Sam Wahab (6/27/13) "I remain very bullish on Tethys Petroleum Ltd. The company remains on track and the share price has performed in line with expectations following the company's farm out of its Tajik assets to Total S.A. and China National Oil and Gas Exploration and Development Corporation. Tajikistan represents an entirely different proposition to investors, in our view. Tethys has a 28% effective interest in the Bokhtar PSC following the completion of the farm-out negotiation, which represents a significant proportion of the externally validated 27.5 Bbbl recoverable prospective resource base. Full details of the 2013-2014 program will be announced very shortly; however, we would expect 2013 to consist of a seismic survey and subsequent data interpretation followed by a deep exploration well in 2014. We would also expect further exploration and development drilling in Kazakhstan as the company continues to target their 1.3 Bbbl gross mean recoverable prospective resource base." More >

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Miramgul Maralova, Halyk Finance (4/1/13) "Tethys Petroleum Ltd.'s oil sales increased more than three times to $25.6M year over year, largely thanks to a 57% jump in production in Kazakhstan and Tajikistan (oil production increased from 2,148 b/d in 2011 to 3,371 b/d in 2012) and more than 20% increase in oil price in Kazakhstan. . .operating cash flow turned positive to $1.4M in 2012, as opposed to a negative $12.5M a year ago."

Stephane Foucaud, FirstEnergy Capital (2/1/13) "Gas realizations are doubling in Kazakhstan to US$1.84/Mcf: This allows Tethys Petroleum Ltd. to generate an additional US$6M cash flow per year on current production of 15 Mmcf/d. . .we maintain our Outperform recommendation that reflects a material larger core NAV, funding in place and a super major and a national oil company as partners in Tajikistan, validating the area as a potentially world-class oil province."

The Energy Report Interview with Sam Wahab (1/10/13) "We often see juniors acquire an asset, shoot seismic and potentially drill one or two exploration wells, at which point they have sufficiently derisked the acreage to attract a partner to assist in bringing the asset through field development. We've seen this strategy work recently with Tethys Petroleum Ltd. Seymour Pierce has a Buy recommendation on Tethys and a target price of $0.72/share. Its most significant asset is the Bokhtar area in Tajikistan, with an estimated 27.5 Bboe. The company recently announced a farmout of this asset, bringing in Total S.A. and CNODC as equity partners." More >

Stephane Foucaud, FirstEnergy Capital (12/21/12) "We have changed our recommendation on Tethys Petroleum Ltd. from Speculative Buy to Outperform with a target price of CA$1.40/share (unchanged) following the farm-in of Total S.A. and China National Petroleum Corp. (CNPC) into Tethys Petroleum's Tajik assets. The partners provide an immediate validation of the company's world-class assets, with Total contributing extensive technical competencies and CNPC a route to market."

Stephane Foucaud, FirstEnergy Capital (11/16/12) "We reiterate our Speculative Buy recommendation on Tethys Petroleum Ltd. with a target price increase to CA$1.40/£0.88 from CA$1.30/£0.81 following the publication of the company's Q3/12 results. While production at Doris over the quarter was behind our expectations, given railway carriage and trucking issues, these problems have now been solved and the company plans to exit 2012 with over 4,500 bbl/d production. . .upcoming visibility on potential farm-out partners in Tajikistan and on the 2013 drilling program with over 1 Bbbl P50 Prospective Resources in Kazakhstan could act as a catalyst. . .Tethys expects to achieve maximum production output of 4,500–5,000 bbl/d by year-end based on existing wells."

Stephane Foucaud, FirstEnergy Capital (10/12/12) "We reiterate our Speculative Buy recommendation on Tethys Petroleum Ltd. . .while the Dyna and Doris sands (the main targets) were water bearing, potential oil was encountered in the Jurassic carbonates (perceived as unlikely pre-drill) and Jurassic sands. The company is drilling ahead to estimate the size of the Jurassic sands. . .for the time being, we have excluded the 128 MMbbl prospective resources associated with Dyna from our valuation; however, a positive well test could add reserves as oil has been found 30m deeper than the previous lowest known oil in the nearby wells."

Stephane Foucaud, FirstEnergy Capital (10/12/12) "The current total depth is 2,585m at Tethys Petroleum Ltd.'s ADK-07 well in the Upper Jurassic sequence, with a thin, potentially oil-bearing sand having been encountered just above total depth. Drilling is now about to recommence toward a planned total depth of 2,750m in order to assess the potential hydrocarbon-bearing zones in the Upper Jurassic sand sequence. . .in the event of positive well test, this could add reserves as the water-oil contact has been found 30m deeper."

Miramgul Maralova, Halyk Finance (8/21/12) "In Q2/12, Tethys Petroleum Ltd. more than doubled revenues YoY, increased production rate to 4,000bopd, and upgraded resource estimates in Tajikistan. . .the company's revenues grew to $10.2M from $4.2M in the corresponding period last year; the revenue growth was achieved thanks to a 17.6% increase in production. With the current share price level, the market has not yet priced in the production growth (+182% QoQ), we believe."

Stephane Foucaud, FirstEnergy Capital (8/16/12) "We reiterate our Speculative Buy recommendation on Tethys Petroleum Ltd. with a target price of CA$1.70/share following the publication of the company's Q2/12 results. . .as the company prioritizes the use of its operating cash flow, the Kalypso prospect is now likely to be tested in Q1/13. . .importantly, a farm-in partner in Tajikistan could be announced by the end of 2012 and the AKD-07 well, targeting ~140 MMbbl possible reserves plus prospective resources, is due to spud next month."

Miramgul Maralova, Halyk Finance (8/1/12) "Tethys Petroleum Ltd. announced that Mr. Julian Hammond was appointed as CEO and president of the company with immediate effect. Prior to this appointment, Mr. Hammond held various management positions in Tethys since July 2006, and served as deputy CEO since February 2011. . .the change of management will not affect company business and Tethys will continue operating in the normal mode, we believe; we reiterate our 12-month target price of CA$1.93 with a Buy recommendation."

Morning Coffee (7/20/12) "Shares of Tethys Petroleum Ltd. jumped after the company announced an updated independent resources report for its Tajikistan oil and gas assets. . .Tethys' lands contain gross unrisked mean recoverable prospective resources of 27.5 Bboe, consisting of gross unrisked mean recoverable prospective resources of 114 Tcf gas and gross unrisked mean recoverable prospective resources of 8.5 Bbbl oil and condensate."

Stephane Foucaud, FirstEnergy Capital (7/20/12) "We reiterate our Speculative Buy recommendation on Tethys Petroleum Ltd. with a Target Price of CA$1.70/share following the announcement that the company's gross prospective resources in Tajikistan have been estimated at 27.5 Bboe. . .importantly, this has to be read in the context of ExxonMobil's reported interest in assets in Northern Afghanistan on the other side of the border, suggesting super majors are looking at the region; with this new resources assessment, Tethys is now the company offering exposure to the largest unrisked resources in our coverage universe."

Miramgul Maralova, Halyk Finance (5/19/12) "We expect Tethys Petroleum Ltd.'s margins to improve starting in Q2/12 and forecast the full-year net profit of $3.3M. . .in Q1/12, the company's sales grew by 45% year-over-year to $6.49M. Revenue jumped thanks to an almost fourfold increase in oil sales. . .supported by higher production (from 337 bbl/d to 1,038 bbl/d) and higher oil sale price. . .Tethys Petroleum reiterated its plans to achieve 5,000– 6,000 bbl/d oil production in Kazakhstan this year."

Stephane Foucaud, FirstEnergy Capital (5/16/12) "We reiterate our Speculative Buy recommendation on Tethys Petroleum Ltd. with a target price increased from CA$1.70 to CA$1.90 following the publication of a resources report for Kazakhstan. The company's prospective resources in the country have essentially doubled to 1.17 Bbbl. . .visibility on the potential upside is improving and the next appraisal/exploration well, AKD07, expected to spud midyear 2012, will target 10 MMbbl possible reserves and 128 MMbbl unrisked prospective resources. . .Tethys shares offer one of the largest unrisked upsides in our international universe."

Milena Ivanova-Venturini, Renaissance Capital (5/9/12) "Tethys Petroleum Ltd. is one of the top five stock performers in Kazakhstan, adding 65.2% in 2012 through the end of April."

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