Tethys Petroleum (TSE:TPL) announced Monday it lost its bid for the tender of three oil blocks in northern Afghanistan to the Chinese State Oil Company, called CNPC.
Tethys said that, as a commercial oil and gas company, it could not offer the same terms as CNPC, which would in its view, it added, make the project non‐commercial.
Still, it said it sees the good oil and gas potential of Afghanistan and will continue to evaluate future opportunities there.
Currently, the company is focused on production and exploration in Tajikistan, Kazakhstan and Uzbekistan.
The British Isles-based company, which recently opened its Doris oil production facility in Kazakhstan, saw its shares slip 3.7% to $0.52 as at 2:08 pm EDT.
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