We have a Speculative Buy recommendation on Tethys Petroleum with a target price of £0.60 per share reflecting the latest corporate update. In this note we provide a valuation update of the Company assets in the context of the farm-out transaction of 50% of the Kazakh assets with SinoHan not completing and AGR Energy providing US$7.5 mm of convertible funding. We note that AGR is in discussions with the Company to potentially provide a larger funding package. However, pending further visibility, ....