In a note today Sam Wahab, analyst in the London brokerage (formerly Seymour Pierce) which was acquired by Cantor last week, highlighted the recent rally in Tethy's shares following a spate of positive announcements.
The catalysts include a farm-out of a stake in the potentially massive Bokhtar PSC in Tajikistan to Total and China National Petroleum company, and improved gas marketing terms in Kazakhstan.
And Wahab believes that drilling and exploration will provide catalysts going forward.
"Full details of the 2013-2014 programme will be announced later in Q1, however we would expect 2013 to consist of a seismic survey and subsequent data interpretation followed by a deep exploration well in 2014," the analyst said.
"We would also expect further exploration and development drilling in Kazakhstan as the company continues to target their 1.3bnbbl gross mean recoverable prospective resource base.
Cantor rates Tethys as a 'buy' with a 90p target, and Wahab points out that the shares currently trade at around a 50% discount to its core asset value and therefore there is little value ascribed to its proven reserves base.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.