Tethys Petroleum Sinking After Chinese State-Owned Firm Wins Afghan Bidding
Tethys Petroleum (TPL.TO) is down nearly 13% in TSX trade this morning, topping an 8% slide for its London-traded counterpart, after saying CNPC, the Chinese State Oil Company, appears to have has won tenders for the Kashkari, Bazarkhami and Zamarudsay blocks in Northern Afghanistan that Tethys also had been bidding to win.
In a statement, Tethys explained that as a commercial oil and gas company it could not match the terms CNPC was offering, adding it still believes there are other potential targets in Afghanistan that the company will evaluate as they become available.
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