Initiation: Central Asia-focused player
Tethys Petroleum (TPL) should interest investors who want exposure to significant exploration in Central Asia. Tethys holds interests with gross prospective resources of over 30bnboe in Tajikistan (where it counts Total and CNPC 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 company has existing producing assets in Kazakhstan, which provide useful cash flow and a valuation of 34p/share. The addition of 2014 exploration, including Klymene and a maiden well in Georgia, gives a RENAV of 85p/share. Optional inclusion of the longer-term exploration in Tajikistan would add a further 15p/share, based on our illustrative modelling. Success in drilling Klymene, Georgia or Tajikistan would transform the company.Tethys Petroleum is an oil and gas exploration and production company focused on projects in Central Asia. Through its subsidiaries, Co. is engaged in the exploration for, and the acquisition, development and production of, oil and natural gas resources in Kazakhstan, Tajikistan and Uzbekistan.
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