The deal is clearly a transformational one for Tethys and values their Tajikistan asset at 190 million dollars that's quite a descent wedge when you consider the market cap sits at just a snip above £100 million.The under valued story continues when you look at their cash generation  and production that is solid and growing.There are not many company's the size of Tethys that have major deals in place, are effectively debt free,cash generative and have a  growing production base. The market may want to take a wait and see approach  until the Tajikistan government  provide final approvals.This could present investors  with an excellent opportunity at a discounted price but its not without risk of course.MXP long term holders will recognize the shape  of Tethys as a business model.Its like a young MXP just without the poor past management and hideous debt cloud that has choked most of the upside life out of the stock during the last two years.MXP is still alive today just and that's down to their production base cash/flow.Tethys shares a similar production profile,similar assets in similar regions. The difference between them at present is that one has managed to bag a major farm out on a very large prospect. MXP may well still secure a partner drill deal on NUR1 and complete their deep well but even if they do the damage of dilution/debt arrangement  have already taken their toll. Tethys appears to have achieved something that RXP.MXP and other smaller regional players have not-and that's a descent farm out deal.Tethys BoD's appear very well connected when you look at the regions where they have successfully gained licences .This could bode well for future licence block awards .The ShareHub has set an 80 pence(1.26$) target on TPL which could revise up if production is increased substantially in 2013.