South Korea enjoys sole presence in Uzbekistan, what others waiting for

South Korea will pursue "country-specific" cooperation programs with Central Asian countries to better secure natural resources and help build industrial infrastructure for the rapidly emerging economies, the government said Tuesday.

The finance ministry said that a comprehensive cooperation package strategy will be followed for large, resource-rich countries such as Kazakhstan and Uzbekistan, with deal-by-deal tie-ups being sought for smaller countries like Tajikistan.

"Cooperation will be tailor-made to meet each country's needs and development levels, with every effort being made to ensure all parties benefit," the ministry said.

It said tie-ups will make full use of overseas assistance funds and local investments with South Korea moving to co-develop natural resources, and build industrial and social infrastructure for the rapidly emerging economies.

Seoul can also help countries lay the foundation for sustainable growth by building a foundation for manufacturing business, setting up information technology industries, and modernizing the agriculture and forestry sectors.

"Central Asia represents the Eurasian heartland and poses tremendous growth potential," the ministry in charge of Seoul's overall economic policy said.

South Korea will seek to expand the exchange of expert personnel, move forward on free trade pacts, and take steps to streamline legal and administrative guidelines to facilitate cooperation, the ministry said.

Tethys Petroleum company talks on progress at Tashkent Conference

Tethys Petroleum Limited ("Tethys" or the "Company" (TSX:TPL)) today provided information on progress at the 15^th Uzbekistan International Oil and Gas Conference ("OGU") in Tashkent and in parallel with this signed a contract with the Institute of Geology and Prospecting for Oil and Gas Deposits (the "Institute") of NHC Uzbekneftegaz ("UNG"), the State oil and gas company, to review materials on exploration areas in the Ustyurt region and the Bukhara-Khiva region.

Dr. David Robson, Chief Executive Officer of Tethys, today gave a presentation on the "Doris oil discovery (in Kazakhstan) and the potential of the Ustyurt basin". The Ustyurt basin covers large areas both in Kazakhstan and Uzbekistan. To date there has not been a commercial oil discovery in the Uzbek portion of the basin though the geology is similar to the area where Tethys has made a commercial oil discovery (Doris) in the Kazakh portion, some 35 km from the border of the two countries. Tethys believes that, by applying the same geological model and techniques used in the discovery of Doris to the Uzbekistan portion of the basin, there is very good potential for finding oil there too.

In conjunction with OGU, Tethys announced it has signed a contract with the Institute to study the potential of two separate prospective areas in Uzbekistan with a view to Tethys applying for suitable projects in these areas. The study will involve the assessment of existing data and the oil and gas bearing prospectivity of the areas on the basis to prepare proposals for the Government of Uzbekistan for further exploration activities. Tethys views both areas as having very good oil and gas potential.

This press release contains "forward-looking information" which may include, but is not limited to, statements with respect to our operations. Such forward-looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions. See our Annual Information Form for the year ended December 31, 2010 for a description of risks and uncertainties relevant to our business, including our exploration and development activities.