Kulob Petroleum, a subsidiary of Tethys Petroleum, has signed a memorandum of understanding (MoU) with an unnamed international oil and gas company.
The companies signed the agreement for the Bokhtar production sharing contract (Bokhtar PSC) located in Tajikistan.
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Under the terms of the agreement the parties will now negotiate a farm out agreement and a joint operating agreement, which are planned to be executed in the near future.
Based on the terms, the farmee and all commercial terms are expected to be disclosed also a period of exclusivity has been granted to the farmee during the negotiations.
The parties said the farm out is subject to final agreement on the commercial and legal issues, finalisation of due diligence and approval by the Tajik government.
Tethys Petroleum said the Bokhtar PSC was first signed in 2008 for a period of 25 years.It covers an area of approximately 35,000km² in the Afghan Tajik portion of the prolific Amu Darya basin west of the Pamir Mountains.
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By GlobalDataThe company said the PSC area is located in the south-western part of Tajikistan which is a large, highly prospective region.
It has existing oil and gas discoveries but that has seen limited exploration to date.
The PSC has gross unrisked mean recoverable resources of 27.5 billion barrels of oil equivalent, consisting of 114 trillion cubic feet (3.22 trillion cubic metres) of gas and 8.5 billion barrels of oil, according to an independent resource report.
Tethys Petroleum undertakes oil and gas exploration and production activities in Central Asia with activities currently in the Republics of Kazakhstan, Tajikistan and Uzbekistan.
