Drilling East Olimtoi EOL09 discovery well,
Tajikistan
The Spirit
Tethys
the Sprit of Tethys …THE Central
AsianofOil
& Gas Company
Disclaimer and Forward Looking Statements
DISCLAIMER
All material information presented herein has been derived from Tethys Petroleum Limited’s (the “Company”) public
disclosure documents filed with the Canadian securities regulatory authorities (which are available at
www.sedar.com) and must be read in conjunction therewith. This presentation does not constitute an offer to sell any
of the securities of the Company. Any offer to sell may only be made in accordance with the terms of the prospectus
of the Company filed under applicable securities laws and may not be reproduced in whole or in part or provided to
any person.
Additional information in respect of the Company’s projects in Kazakhstan, Tajikistan and Uzbekistan including
location, area, geologic age and lithology, depth, estimated costs and oil and gas marketing information, appears in
the Company’s Annual Information Form dated March 30, 2012.
Barrels of oil equivalent (“BOEs”) may be
misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1bbl is based on an energy equivalency
conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
FORWARD LOOKING STATEMENTS
This presentation contains forward-looking statements that are generally identifiable by terms such as anticipated,
believe, budget, intend, estimate, expect, outlook, plan or other similar words. The reader is cautioned that
assumptions used in the preparation of such information, although considered reasonable at the time of preparation,
may prove to be incorrect. Actual results will vary from the information provided herein as a result of numerous
known and unknown risks and uncertainties and other factors. Such factors include those described in the
Company’s Annual Information Form dated March 30, 2012 and include but are not limited to: general economic,
market and business conditions; fluctuations in oil and gas prices, the results of exploration and drilling and related
activities; fluctuations in foreign currency exchange rates; the uncertainty of reserve estimates; changes in
environmental and other regulations; risks associated with oil and gas operations; and other factors, many of which
are beyond the control of the Company
IN THIS PRESENTATION ALL FINANCIAL FIGURES ARE IN US$ UNLESS OTHERWISE STATED
THE Central Asian Oil & Gas Company
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Tethys Petroleum Limited (TPL)
Central Asian Exploration & Production
Public company since 2007 (TSX, LSE, KASE)
Significant Shareholders:
JP Morgan Natural Resources Fund
Capital Research
Pope Asset Management
Soros Fund Management and others
2011 Revenue: $30.3 mln (2010: $14.7 mln)
Net Assets: $263 mln (year-end 2011)
3
TSX
Symbol TPL
Market Cap
CAD 178 mln
Share Price (20/5)
CAD $0.62
52 week high/low
CAD 1.79/0.42
LSE
Symbol TPL
Market Cap
GBP 141 mln
Share Price (21/5)
GBP 0.40
52 week high/low
0.65/0.26
Shares
Outstanding
286.7 million
Current Production
Oil – 4,830 bopd
Gas – 18 MMcf/d
BOE – 7,830 boe/d
THE Central Asian Oil & Gas Company
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Tethys Petroleum – Central Asian Assets
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THE Central Asian Oil & Gas Company
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Why Central Asia?
Geopolitical advantages
Tajikistan
Kazakhstan
Uzbekistan
Favorable investment
legislation
Developed economy, wellestablished O&G legislation
Well-established O&G
industry
Favorable PSC legislation
Stable political environment
Stable environment
Access to export routes
Key to export routes
Access to export routes
Geological attractiveness
Tajikistan
Kazakhstan
Uzbekistan
Largely unexplored – huge
potential in Amu-Darya
Basin 5
World’s biggest O&G
deposits
Amu-Darya basin – one of
the world’s most prolific
basins
VERY significant
exploration upside
Proximity to the PreCaspian basin
Well developed Oil & Gas
industry
Sub-salt exploration
potential
North Ustyurt basin is
hugely underexplored
North Ustyurt basin is
hugely underexplored
THE Central Asian Oil & Gas Company
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Tethys – The only independent working
in three Central Asian Republics
R
K a z a k h s t a n
Pre-Caspian
Basin
North Ustyurt
Basin
Aral
Sea East
South
Turgay
Basin
Russia
and Eu
ro
i
a
pe
K a z a k h s t a n
Chin
a
Sea
Lake
Balkhash
Aral
Sea
Uzbekistan
Caspian
Kyrgyzstan
C h i n a
Tashkent
Fergana
Basin
Turkmenistan
Amu-Darya Basin
Dushanbe
Azerbaijan
C h i n a
I r a n
0
500 Km
Afghan-Tajik
Basin
Afghanistan
Very Significant
Gas Potential
+ Oil
Kyrgyzstan
Sea
0
Euro
I
Pakistan
U z b e k i st a n
Caspian
S .E .
Tajikistan
r
a
500 Km
T u r k m e n i s t a n
pe
Gas Pipeline
Tethys Oil
Production
n
Ira
n
Ta j i k i s ta n
In
di
a
Afghanistan
Pakistan
Gas - Pipeline, Planned
or Under Construction
Oil Pipeline
Oil - Pipeline, Planned
or Under Construction
Kazakhstan


Oil & gas production
6Exploration upside – potentially significant new oil discovery “Doris”
Tajikistan



s
Almaty
S. Mangyshlak
Basin

s
Tethys Oil & Gas
Production
Lake
Balkhash
Aral
Basin

u
Large exploration area with huge potential for oil and gas
Sub-salt potential
Uzbekistan


Producing oilfield plus newly acquired additional field
Exploration MOU for high potential area
THE Central Asian Oil & Gas Company
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Reserves & Resources (NI51-101)
Gross Reserves
(MMboe)
Proven
Proven + Probable
Proven + Probable
+ Possible
Kazakhstan
15.6
27.3
46.3
Tajikistan
0.0
0.2
0.8
Total
7.9
27.5
62.7
US$139 MM
US$225 MM
US$333 MM
Oil
(MMbbl)
Gas
(Bcf)
BOE
(MMboe)
1,170
605
1,271
-
-
1,146*
NPV10 (after tax)
Unrisked Mean
Gross Recoverable
Resources
Kazakhstan
Tajikistan
Total
2,417
Reserves – Gustavson & Associates, Dec 31, 2011
Kazakhstan Resources - Gustavson & Associates, April 30, 2012
Tajikistan Resources – TRACS, 2010
No reserves quoted for
Uzbekistan
THE Central Asian Oil & Gas Company
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Tethys’ Kazakh Assets
Four Contracts:
• Kyzyloi Production Contract
• Akkulka Production Contract
• Akkulka Exploration Contract
• Kul-Bas E&P Contract
Oil discovery in 2010 – ‘Doris’
• World-class Cretaceous sandstone
reservoir with excellent porosity and
permeability
• Light (46 API), sweet crude oil
• Appraisal programme underway
Additional discoveries
• Dione – oil from Jurassic sandstone
• Kalypso – logged hydrocarbons in
Jurassic and Carboniferous - to be tested
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•Tested Oil to Date > 13,000 bopd
Exploration Upside
• 2D and 3D seismic
• Multi-horizon targets
•Dyna Prospect (128 million barrels)
Kul-Bas Exploraton &
?
Production Contract
K a z a k h s t a n
Bukhara-Urals
Gas Trunkline
Kyzyloi Production
Contract
Kazakhstan
Akkulka Production
Contract
Akkulka Exploration
Contract
Bozoi UGS
Gas Storage Facility
Aral Sea
Asia Center
Gas Trunkline
U z b e k i s t a n
0
50 Km
New oil rail-loading terminal (AOT):
• First shipment April 2012
• 50/50 JV with local partner
• Improved logistics, increasing production
Kyzyloi & Akkulka dry (shallow) gas
developments – 11 new gas discoveries made
THE Central Asian Oil & Gas Company
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Doris Area – discoveries and prospects
KBD01 hydrocarbons
logged to be tested
2H 2012
Close up of fan system

New AKD07 well


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Targeting Doris 3P reserves
Targeting large Dyna prospect


Schematic Map of Doris Area
Planned AKD07
- Dyna well



Sheet sand
127 MMbbl mean unrisked potential
resources
Targeting deeper Jurassic sand
Planned spud mid-year 2012
Planned TD 2,600 metres – 50 days
THE Central Asian Oil & Gas Company
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Commercialisation of Doris –
Aral Oil Terminal
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


Phase 1 capacity 4,200 bopd plus 1,300 bbl crude storage
Phase 2 capacity 6,300 bopd plus 12,580 bbl crude storage
Phase 3 capacity 12,000 bopd plus 125,800 bbl crude and 12,580 bbl refined product storage
THE Central Asian Oil & Gas Company
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Kyzyloi & Akkulka Shallow Gas
 Currently producing 18 MMcf (512 mcm) per day of gas
 Dry gas – almost entirely methane
 Shallow sandstones – 450 metres
 System designed for 77 MMcf/d (2,200 mcm/d)
 Constructed and operating “state of the art” booster
compression station
 pumping gas into Bukhara-Urals pipeline – first of its kind
 Significant upside in undrilled anomalies
 Already made 11 new discoveries – waiting for higher gas price
 Potential for further development in the future and export into
new
11 Kazakh – China gas pipeline
 Potential game changer with regard to gas price – maybe 5 – 7x uplift
 Planned to be open 2013
 Gives big price upside on gas
THE Central Asian Oil & Gas Company
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Tajikistan – the “Jewel in the Crown”
 Large underexplored area
 35,000 km2 (8.6 million acres)
 Bokhtar PSC
Khujand
Gafurov
U z b e k i s t a n



Isfara
Kyrgystan
Panjakent
 Very good terms
 Tethys ownership 85%
 Afghan-Tajik portion of prolific Amu
Darya basin
 Enormous potential in deeper
section for super-giant
discoveries
Istaravshan
Konibodom
C h i n a
Garm
Dushanbe
Tursunzoda
Kofamikhon
Faizobod
T a j i k i s t a n
Kulob
Qurgonteppa
Khorog
Bokhtar
PSC Area
A f g h a n i s t a n
0
100 Km
P a k i s t a n
Sub-salt plays
Never drilled in area
New resource report due July 2012
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 Short term focus on cash flow
from shallow section
 Current production ~120 bopd
THE Central Asian Oil & Gas Company
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Tajikistan – Targeting Deep Potential –
2008 Programme
 Set up of exploration and operations team and
collection of a good database
 Database from results of previous era
exploration that discovered 14 shallow oil and
gas fields based often on mapping surface
structures
 Data for 363 vintage wells
 Over 1,000 kms of vintage seismic lines made
accessible
to modern computerised mapping
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 Field surveys to check geological
interpretation
THE Central Asian Oil & Gas Company
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Tajikistan – Targeting Deep Potential –
2009 /2010 Programme
 No previous long
regional seismic lines
existed in country
 Lines show deep and
complex geology and
cross old fields tying
wells together for the
first time as shown
on the map
 Interpretation
significantly
increased
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understanding of the
Afghan Tajik basin
and its potential
THE Central Asian Oil & Gas Company
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Tajikistan – Targeting Deep Potential –
2011 Graviometry Survey
Shelf Edge
High Areas
Jurassi
c Sea
Reefs – World Class Reservoirs
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THE Central Asian Oil & Gas Company
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Tajikistan – Targeting Deep Potential –
2012 Programme – detailing seismic data
• Integration of seismic,
magnetic & gravity data
has led to the new
mapping of 182 deeper
and multi level leads
• New Resource Report
due June 2012
• To image these better
before drilling detailing
seismic survey planned
for summer 2012
• First Deep Well planned
Q1 2013
Possible Seismic
Possible Seismic
Possible Seismic
Possible Seismic
THE Central Asian Oil & Gas Company
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Shallower drilling targets
 Oil discovered at
East Olimtoi
 Kick whilst
drilling
 36° API oil
flowed
 Needs further
testing
 Oil production
recommenced at
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Beshtentak
 Persea
exploration well
– hydrocarbons
logged
E Komsomolsk
Beshtentak
East Olimtoi
Persea
Aero
Mag/Gravity
Survey
THE Central Asian Oil & Gas Company
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Uzbekistan

High potential in several oil and
gas basins




Relatively underexplored
Tethys is only independent oil and
gas company working there
Mixture of oil cash flow with new
production projects and potential
additional exploration upside
Current projects



Ustyurt Exploration
SA
North Urtabulak Oilfield – enhanced
production
 Current gross production ~715 bopd
Chegara Oilfield – contract now signed
Oil
Production
Projects
Potential
projects
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
High potential exploration areas
 MOU signed for negotiation of 10,000
km2 Bayterek exploration block in the
North Ustyurt basin
 Potential for Doris look alikes and
other prospects
THE Central Asian Oil & Gas Company
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North Urtabulak and surrounding
fields
North Urtabulak
Chegara
19 Group
THE Central Asian Oil & Gas Company
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Tethys Petroleum - Summary
 Operating E&P company with oil & gas exploration and
production assets across Central Asia
 UNIQUE OPERATIONS IN THREE CENTRAL ASIAN
COUNTRIES
 Existing oil & gas production plus massive exploration
upside
 Potential for billion barrel discoveries
 Well respected operator in the area with proven track
record of exploration success and rapid developments
 Good relationships with host governments at the highest
20 and local populations
levels
 Experienced management team with many years working
in the region
THE Central Asian oil & gas company
THE Central Asian Oil & Gas Company
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Tethys Petroleum Contacts
North America:
Sabin Rossi
Vice President Investor Relations
Office: +1 416-941-1257
Corporate brokers:
FirstEnergy
Hugh Sanderson / Derek Smith
Office: + 44 207 448 0200
Europe:
Veronica Zhuvaghena
Vice President Corporate Communications
Office: +44 1481 725911
Media/IR Enquiries Europe:
FTI Consulting
Ben Brewerton / Edward Westropp
Office: +44 207 831 3113
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Media/IR Enquiries Asia Pacific:
Quam IR
Anita Wan
Office phone/fax: +852 2217 2999
Seymour Pierce
Richard Redmayne / Jonathan Wright /
Stewart Dickson
Office: +44 207 107 8000
Financial Advisors – East Asia:
Quam Capital Limited
Adrian Bradbury
Office +852 3184 8628
Company electronic communication
E-mail:
info@tethyspetroleum.com
Web:
www.tethyspetroleum.com
Mobile site:m.tethyspetroleum.com
THE Central Asian Oil & Gas Company
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