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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:

Will Forbes, Edison Investment Research (7/7/14) "We are initiating coverage on Tethys Petroleum Ltd. . .the company should interest investors who want exposure to significant exploration in Central Asia. Tethys holds interests with gross prospective resources of over 30 Bboe in Tajikistan (where it counts Total SA and China National Petroleum Corp. as partners) and Georgia, as well as material, lower-risk oil exploration in Kazakhstan. Fiscal terms are attractive in all its countries; both oil and gas are valuable due to ever-increasing export capacities to Europe and China."

The Energy Report Interview with Stephane Foucaud (6/5/14) "Tethys Petroleum Ltd. is particularly exposed to China, because China has also been increasing its influence on those countries. Tethys' gas in Tajikistan is likely to go to China if the company makes a discovery. The gas of Tethys in Kazakhstan would be exported through a pipeline, also to China. The oil is being sold domestically. We rate Tethys an outperform because we think it's a unique risk/reward opportunity, assuming success particularly in Tajikistan. The share price could be a multiple of what it is today. On top of that, in the near term, you have a bit of momentum around production growth and cash flow growth associated with gas in Kazakhstan that should more than support the current valuation." More >

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."

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FirstEnergy Capital (4/16/13) "Tethys Petroleum Ltd. has appointed Denise Lay as chief financial officer with immediate effect; she brings experience from a variety of international roles at KPMG and several international companies. She is a fellow of the Association of Chartered Certified Accountants with over 15 years of post-qualification experience, and has worked for the company since October 2009."

Stephane Foucaud, FirstEnergy Capital (4/3/13) We reiterate our Outperform recommendation on Tethys Petroleum Ltd. . .the company's 2013 drilling program (unrisked value of CA$2.63/1.74) is expected to be unlocked by the closing of the farm-out transaction in Tajikistan, which will boost Tethys' balance sheet by about US$60M. With about 9 Bboe working-interest prospective resources in Tajikistan and Kazakhstan, the company offers one of the largest unrisked upsides in our coverage universe."

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."

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