gsfl
13 years ago
First Oil Sales Through Kazakh Oil Terminal
AKTOBE, KAZAKHSTAN - Tethys Petroleum, an oil and gas exploration and production company focused on Central Asia with activities currently in the Republics of Kazakhstan, Tajikistan, and Uzbekistan, announced it has completed the first shipment of commercial oil production through its Aral Oil Terminal (the “AOT”) at Shalkar - a purpose built oil storage and rail loading facility to connect the Company’s Doris oilfield to the Kazakh rail system.
Highlights
AOT key points:
• Enable an initial doubling of production to approximately 4,000 bopd
• Increase efficiency, reduce transportation costs, resulting in a higher realised oil price
• Phase 2 to provide additional capacity to further increase production to 5,000-6,000 bopd in H2 2012
AOT is owned and operated jointly through a 50:50 joint venture by Tethys and its Kazakh oil trading partner’s company, Olisol Investment Ltd. It is located approximately 230kms from the Doris oil field, significantly reducing the distance oil is currently trucked by road from the field. The opening of AOT will allow the Company to initially double production to approximately 4,000 bopd due to a halving of the road trucking distance.
Furthermore, whilst the current rail loading point at Emba experiences bottlenecks due to overuse by many different companies; AOT will be dedicated solely to Tethys oil sales.
In addition, a long-term contract has been signed with Kazakh railways to allocate up to 13,500 bpd of railcar capacity to AOT giving significant flexibility for the future.
To date, over 13,000 bopd have been tested from exploration and appraisal wells in and around the Doris accumulation and it is believed that a sustainable production level of 5– 6,000 bopd can realistically be achieved from these wells. Once the Phase 2 of AOT has been completed, plans will be implemented to increase production up to this level in H2 2012.
Production from future wells will be put through the terminal including any production realised from the next appraisal/exploration well, AKD07, which is planned to spud this summer. The AKD07 well will be drilled to the south-east of the original AKD01 discovery well targeting 3P reserves at the Cretaceous Aptian sand level in what is believed to be a channel sand system, whilst simultaneously targeting an exciting exploration prospect (named "Dyna") that has been identified on the new seismic data from a bright amplitude anomaly at a slightly shallower level which is interpreted to be part of a different, larger sand fan system. The prospective resource for this and other prospects will be disclosed after the completion of a new independent Kazakhstan Resource Report, which is expected in Q2 2012.
The first phase (Phase 1) of three planned phases of construction on the Aral Oil Terminal in 2012 is now complete. These three phases comprise:
Phase 1 - Completed
The Phase 1 facility has a loading capacity of 4,200 bopd and a storage capacity of 1,300 barrels (“bbls”). Under Phase 1 operations, the terminal will have the ability to unload 10 road tankers and to simultaneously load 5 rail tankers.
Phase 2 - Estimated Completion: H2 2012
The Phase 2 facility will have a loading capacity of 6,300 bopd and a storage capacity of 12,580 bbls. Under Phase 2 operations, the terminal will have the ability to unload 10 road tankers and to simultaneously load 5 rail tankers but with the additional storage capacity increasing the terminal’s throughput.
During Phase 2 operations the facility will become operational 24 hours a day. Further enhancements during Phase 2 operations include oil and water metering systems and a heating capability for winter operations. All process equipment will be automated during Phase 2 operations.
Phase 3-
On completion of Phase 3, the facility will have an estimated loading capacity of 12,000 bopd and a storage capacity of 125,800 bbls of crude oil, plus an additional 12,580 bbl storage for refined products. Under Phase 3 operations, the terminal will have the ability to unload 10 road tankers and to simultaneously load 10 rail tankers.
The additional rail loading capacity under Phase 3 operations will be achieved via the construction of a second rail loading rack, adjacent to the first. Under Phase 3 operations, the facility will incorporate an electrical dehydrator for the commercial treatment of crude oil and will also have the ability to receive and store refined products (principally diesel and gasoline), which can be used to service the Company’s drilling operations and/or can be sold locally. In addition it will be able to act as a shipment terminal for equipment to be moved to and from the Doris oil field and surrounding operations.
Dr. David Robson, CEO and President of Tethys, said:
“The first shipment of Doris crude oil through the Aral Oil Terminal is a milestone event for the Company enabling higher production levels, which will significantly transform the cash flow of the Company. We look forward to further drilling success this year and to steadily increasing the throughput of the terminal.
“I would like to thank our staff and our partners for their hard work in extremely difficult weather conditions in completing the terminal and bringing on-stream these higher production levels.”
gsfl
13 years ago
Tajik Seismic Tender Announced
DUSHANBE, TAJIKISTAN, Thursday, February 9, 2012: Tethys Petroleum Limited (“Tethys” or the “Company” (TSX:TPL) (LSE:TPL)) announced the issue of a tender for the final stage seismic program in Tajikistan which when complete will identify the location for the first deep pre-salt well to be drilled by Tethys. Tethys also updated on its deep exploration strategy in Tajikistan.
The initial analysis of the data from the aerial graviometry survey completed at the end of 2011 has revealed several attractive prospective areas with the potential presence of very large deep sub-salt and sub-thrust prospects within the Bokhtar Production Sharing Contract (“PSC”) Area. This additional seismic will target these areas and provide the final data in a comprehensive program to optimally locate a deep well. It is expected that this data will be acquired this summer with initial interpreted results in Q4 2012. It is also expected that Tethys’ large drilling rig “Telesto” will be mobilized to Tajikistan before the end of this year in order to drill this well.
The seismic program will involve the acquisition of approximately 870km of new 2D seismic in two areas; the Dushanbe Step and the Vaksh valley. The program has been designed to target these areas as the graviometry survey has identified them to be the most likely to contain large deep prospects including potential Jurassic reefs located on the edge of likely Permian basement high features. Jurassic reefs form some of the most prolific fields in the Amu Darya basin and no wells have ever been drilled through the overlying salt layer in Tajikistan to date. The data also reveals significant potential in other parts of the PSC Area, including the Kulob area, however it has been decided to focus on the Dushanbe Step and the Vaksh valley initially.
It is expected that this seismic program will further demonstrate the high potential in the Tethys PSC acreage. Tethys now owns an 85% interest in the Bokhtar PSC following the recent acquisition of an additional 34% interest from its partner in the project.
Background: Strategy in Tajikistan
The primary strategy in Tajikistan is to complete a comprehensive geological and geophysical data gathering exercise with the intention of locating and drilling the first deep exploration well below the regional salt layer. This deep well will target very large prospective resources, as set out in the independent resource report. These prospects have never been drilled before in Tajikistan but are prolific producers from the same reservoirs in the adjacent countries including Turkmenistan.
Registered Office: 89 Nexus Way, Camana Bay, Grand Cayman, KY1-9007, Cayman Islands Listed on the Toronto Stock Exchange (TSX) and the London Stock Exchange (LSE) with the symbol “TPL” and on the Kazakhstan Stock Exchange (KASE)
This programme is firmly on track and consists of the following:
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In 2008, Tethys obtained and analysed the State geophysical information and well data of the shallower drilling that had been undertaken in the Soviet period and compiled an extensive database, which was combined with a regional geological model built in-house.
In 2009-10, Tethys designed and acquired a regional 2D seismic program whereby 693km of good quality 2D seismic was obtained and interpreted.
In 2011, Tethys carried out an aeromagnetic graviometry survey over more than half of the PSC Area. This data complements the acquired seismic data, State geophysical information and well data.
In 2012, following on from the results of the aeromagnetic graviometry survey, it is now planned to acquire focused 2D seismic data over key prospective areas with the intention of identifying the location for the first deep well. Mobilisation of the drilling rig to Tajikistan is expected before the end of this year.
Tethys is focused on oil and gas exploration and production activities in Central Asia with activities currently in the Republics of Kazakhstan, Tajikistan and Uzbekistan. This highly prolific oil and gas area is rapidly developing and Tethys believes that significant potential exists in both exploration and in discovered deposits.
This press release contains "forward-looking information" which may include, but is not limited to, statements with respect to our operations. Such forward-looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions, the risk that the Company may be unable to complete its data and drilling programs within the timeframes contemplated.
For more information please contact Tethys Petroleum Limited Sabin Rossi Vice President Investor Relations Office: +1 416 572 2065
+1 416 572 2201 (FAX) info@tethyspetroleum.com
Web: http://www.tethyspetroleum.com Mobile site: m.tethyspetroleum.com
gsfl
13 years ago
TETHYS PETROLEUM LIMITED PRESS RELEASE FOR IMMEDIATE RELEASE Uzbekistan Exploration MOU Signed
TASHKENT, UZBEKISTAN, Wednesday, February 01, 2012: Tethys Petroleum Limited (“Tethys” or the “Company” (TSX:TPL) (LSE:TPL)) today announced it has signed a Memorandum of Understanding (“MOU”) with the Uzbek State oil and gas company, National Holding Company “Uzbekneftegaz” (“UNG”). The objective of this MOU is to provide the framework for a Joint Study and the negotiation process for an Exploration Agreement relating to certain exploration blocks in the North Ustyurt Basin of Uzbekistan.
Dr. David Robson, Chief Executive Officer of Tethys, commented, “This MOU is an excellent step forward with our partners Uzbekneftegaz to potentially work together on exploring the North Ustyurt basin in Uzbekistan – a basin in which we have already had good exploration success. We believe that our extensive modeling of the Doris oil discovery and surrounding area can be very useful if applied to the Uzbek portion of the basin which we believe has very similar geological characteristics and excellent oil and gas prospectivity.”
Tethys is focused on oil and gas exploration and production activities in Central Asia with activities currently in the Republics of Kazakhstan, Tajikistan and Uzbekistan. This highly prolific oil and gas area is rapidly developing and Tethys believes that significant potential exists in both exploration and in discovered deposits.
This press release contains "forward-looking information" which may include, but is not limited to, statements with respect to our operations. Such forward-looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions. See our Annual Information Form for the year ended December 31, 2010 for a description of risks and uncertainties relevant to our business, including our exploration activities (which are incorporated herein by reference). The “forward looking statements” contained herein speak only as of the date of this press release and, unless required by applicable law, the Company undertakes no obligation to publicly update or revise such information, whether as a result of new information, future events or otherwise.
gsfl
13 years ago
Aral Oil Terminal Inaugurated
AKTOBE, KAZAKHSTAN, Monday, January 30, 2012: Tethys Petroleum Limited ("Tethys" or the "Company" (TSX:TPL) (LSE:TPL)) today announced the official inauguration of its Aral Oil Terminal (“AOT”) - a new oil storage and rail loading facility for oil shipments from the Company’s Doris oilfield into the Kazakh rail system.
The AOT is located approximately 230 km from the Doris oil field, significantly reducing the distance oil is currently trucked by road from the field. The opening of AOT will allow the Company to initially double production to approximately 4,000 barrels of oil per day (“bopd”) due to a halving of the road trucking distance. Furthermore, the current rail loading point at Emba experiences bottlenecks due to overuse by many different companies; the AOT will be dedicated to Tethys oil sales. The opening of the AOT will thus reduce transportation costs significantly and will result in an increased realised oil price. The recent acquisition of additional road trucks means that 240 are now in daily operation.
To date, over 13,000 bopd have been tested from exploration and appraisal wells in and around the Doris accumulation. This is the first stage of the AOT, and it is planned to expand the facility to 12,000 bopd in the upcoming year. In addition to a rail loading facility the terminal will provide a closer offloading point for refined oil products, equipment and materials required on the Doris exploration and appraisal programme which in turn will result in significant cost savings to the Company.
The AOT is owned and operated jointly through a 50:50 joint venture by Tethys and its Kazakh oil trading partner’s company, Olisol Investment Ltd. At the inauguration ceremony both Tethys and its partner were present, together with local and regional officials. First commercial shipments through the AOT are expected in February of this year.
Tethys is focused on oil and gas exploration and production activities in Central Asia with activities currently in the Republics of Kazakhstan, Tajikistan and Uzbekistan. This highly prolific oil and gas area is rapidly developing and Tethys believes that significant potential exists in both exploration and in discovered deposits.
This press release contains "forward-looking information" which may include, but is not limited to, statements with respect to our operations. Such forward-looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions, the risk that the Company may be unable to complete its data and drilling programs within the timeframes contemplated.
gsfl
13 years ago
Tajikistan Update
DUSHANBE, TAJIKISTAN, Monday, January 9, 2012: Tethys Petroleum Limited ("Tethys" or the "Company" (TSX:TPL) (LSE:TPL)) today provided an update on its activities in Tajikistan and also gave a brief update on oil transportation in Kazakhstan.
At the Beshtentak field, work is still ongoing on the BST20 well, which initially tested at rates in excess of 600 barrels of oil per day (bopd). This well is crestally located approximately half way along the field, which is some 12 km (8.8 miles) long. The initial production testing from this well indicated that it was draining a separate fault compartment to nearby wells, however recent production performance would indicate possible communication with the nearby BST103 well which is producing gas from the field for the city of Kulob, this gas being part of the “base level” production on the field assigned to the Tajik State. As a result the BST20 production is currently restricted and it is planned to acquire additional data to ascertain the extent of any possible communication and to ensure that the wells are not adversely affecting each other’s production. The well will now be further production tested on different regimes to obtain the necessary data to either place the well back on production immediately after the work is complete or else to endeavour to seal off any communication and then re- establish production. In this case it is likely that production rates will need to be restricted to lower levels. Meanwhile two further workover candidates have been identified in other parts of the field (away from existing producers), which are interpreted to contain remaining bypassed oil and gas and work is progressing to fully assess these interesting opportunities, including potentially the acquisition of downhole seismic data. In addition to conducting recompletion work on these two wells it is planned to locate potentially one or two new high angle or horizontal crestal development wells, which would have the potential to achieve higher production rates than those obtained from the BST20 well.
At Persea, the PER01 well is now cased and awaiting production testing of the Alai zone, which is potentially, hydrocarbon bearing from the wireline logs which were run on the well. This testing is likely to be carried out later in the year.
At East Olimtoi testing operations will continue on the EOL09 well with plans for stimulation of the Alai reservoir and plans to perforate two further zones. The coiled tubing unit necessary to optimally carry out this work is now in country but additional parts are still in transit from Uzbekistan and the unit is expected to be on-site within the next two months.
The initial analysis of the data from the aerial graviometry survey is now complete and
, KY1-1108, Cayman Islands
Registered Office: 89, Nexus Way, Camana Bay, Grand Cayman, KY1-9007, Cayman Islands Listed on the Toronto Stock Exchange (TSX ) and the London Stock Exchange (LSE) with the symbol “TPL” and on the Kazakhstan Stock Exchange (KASE)
Correspondence Address: P.O. Box 524, St. Peter Port, Guernsey, GY1 6EL, British Isles
Tel: +44 1481 725911 Fax: +44 1481 725922 Email: tethys@tethyspetroleum.com Website: www.tethyspetroleum.com
these data reveal several attractive areas, which confirm the potential presence of very large deep sub-salt prospects within the Bokhtar Production Sharing Contract (“PSC”) Area. Further analysis is required to firm up these data to come up with a more detailed forward exploration plan. As previously mentioned, Tethys is seeking a farm-in partner to work with the Company on this high potential deep exploration programme. Tethys now owns an 85% interest in the Bokhtar PSC following the recent acquisition of an additional 34% interest from its partner in the project.
Briefly, in Kazakhstan the weather has improved and trucking of oil to Emba has now recommenced with only a short break. It is expected that production will average 2,300 to 2,500 bopd this month. Work is nearly complete on the new rail-loading terminal (which will enable a significant increase in oil production) and it is expected that it will be officially inaugurated later this month. This terminal will allow production to be increased to some 4,000 bopd.
Tethys is focused on oil and gas exploration and production activities in Central Asia with activities currently in the Republics of Kazakhstan, Tajikistan and Uzbekistan. This highly prolific oil and gas area is rapidly developing and Tethys believes that significant potential exists in both exploration and in discovered deposits.
This press release contains "forward-looking information" which may include, but is not limited to, statements with respect to our operations. Such forward-looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions, the risk that the Company may be unable to complete its data and drilling programs within the timeframes contemplated.
For more information please contact:
gsfl
13 years ago
Kazakhstan Oil Transportation Update
BOZOI, KAZAKHSTAN, Friday December 30, 2011: Tethys Petroleum Limited (“Tethys” or the “Company” (TSX:TPL, LSE:TPL)) today provided an update on oil transportation and sales in Kazakhstan.
Due to extremely adverse winter weather conditions, part of the road along which the oil is trucked has been temporarily closed by the Kazakh authorities. This is the northern section of the route from Shalkar to Emba, which passes through the Mugodzhar Hills, a highland area more prone to snow drifts. It is expected that trucking to Emba will resume once the weather conditions improve which is forecast to be soon. To date December oil production loaded to trucks has averaged 1,860 barrels of oil per day (“bopd”).
The southern section of the route, from the Doris field production facilities to Shalkar, the site where Tethys and its partner are completing a new oil rail-loading terminal, is still open, this section of the road being flatter and less affected by such weather. The rail terminal is in the final stages of completion following extremely cold weather, which affected completion of essential concrete works and it is expected that this will be finished in one month’s time. At that time production and sales are anticipated to double to approximately 4,000 bopd.
Tethys is focused on oil and gas exploration and production activities in Central Asia with activities currently in the Republics of Kazakhstan, Tajikistan and Uzbekistan. This highly prolific oil and gas area is rapidly developing and Tethys believes that significant potential exists in both exploration and in discovered deposits.
gsfl
13 years ago
Tajikistan Persea 1 Well Initial Results
DUSHANBE, TAJIKISTAN, Monday December 19, 2011: Tethys Petroleum Limited (“Tethys” or the “Company” (TSX:TPL, LSE:TPL)) today announced the initial results of its Persea 1 exploration well in Tajikistan and its intention to carry out production testing on the well in the new year.
The Persea 1 well, drilled some 5 kilometres from the town of Kurgan Teppa, reached a total depth of 2,655 metres. Wireline logs show a 50 metre gross zone of possible hydrocarbons within a mixed sandstone and carbonate sequence assigned to the Alai formation, similar to that about to be tested in the East Olimtoi (EOL09 well). Because of hole stability issues the section was drilled with relatively high mudweights which tends to mask hydrocarbon shows whilst drilling.
The Company now intends to run 7-inch liner in preparation for a production test with the aim of establishing commercial flow of hydrocarbons from this zone. The actual testing itself will be carried out in the first half of 2012 with the cost to be financed by internally generated cash flow.
Following the recent acquisition of additional interest in the Bokhtar Production Sharing Contract, which includes the Persea prospect, Tethys now holds an 85% working interest in this prospect.
Tethys is focused on oil and gas exploration and production activities in Central Asia with activities currently in the Republics of Kazakhstan, Tajikistan and Uzbekistan. This highly prolific oil and gas area is rapidly developing and Tethys believes that significant potential exists in both exploration and in discovered deposits.
This press release contains "forward-looking information" which may include, but is not limited to, statements with respect to our operations. Such forward looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions. See our Annual Information Form for the year ended December 31, 2010 for a description of risks and uncertainties relevant to our business, including our exploration and development activities. The presence of possible or potential hydrocarbon-bearing zones does not mean that commercial hydrocarbons will be obtained.
gsfl
13 years ago
Kazakh AKD06 well flows over 4,300 barrels of oil per day
BOZOI, KAZAKHSTAN, Tuesday, November 15, 2011: Tethys Petroleum Limited (“Tethys” or the “Company” (TSX:TPL, LSE:TPL)) today announced that the Cretaceous sand interval on the AKD06 Doris appraisal well had tested oil at a rate of over 4,300 barrels of oil ("bopd") per day.
“"This is a very successful appraisal of the Doris discovery and once again shows the good flow potential of the Cretaceous sandstone reservoir. This is an excellent result and bodes well for the further development of Doris," commented Graham Wall, Chief Operating Officer of Tethys.
A 5 metre interval (2,165 metres to 2,170 metres) of the Cretaceous sand flowed at a rate of 4,304 bopd on a 26 mm (66/64") choke with a flowing tubing head pressure of 12.7 atmospheres (186 psi). The oil was light with a gravity of 0.8 SG (45 degrees API). Flow was restricted for safety reasons but data indicates that the absolute open flow potential is in excess of 6,000 bopd. The well is now tied into the test production facilities and further testing is planned in addition to placing the well on long-term test production.
Tethys is focused on oil and gas exploration and production activities in Central Asia with activities currently in the Republics of Kazakhstan, Tajikistan and Uzbekistan. This highly prolific oil and gas area is rapidly developing and Tethys believes that significant potential exists in both exploration and in discovered deposits.
This press release contains "forward-looking information" which may include, but is not limited to, statements with respect to our operations. Such forward-looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions. See our Annual Information Form for the year ended December 31, 2010 for a description of risks and uncertainties relevant to our business, including our exploration activities. (which are incorporated herein by reference). The “forward looking statements” contained herein speak only as of the date of this press release and, unless required by applicable law, the Company undertakes no obligation to publicly update or revise such information, whether as a result of new information, future events or otherwise. The information presented in this press release on the testing of the AKD06 well is based on initial data and observations and measurements at the wellsite as well as preliminary analysis.
For more information please contact:
gsfl
13 years ago
Third Quarter 2011 Financial Results and Operational Update
GRAND CAYMAN, CAYMAN ISLANDS, Monday, November 14, 2011- Tethys Petroleum Limited (“Tethys” or the “Company”) (TSX:TPL, LSE:TPL) today announced its third quarter 2011 financial results. The results are highlighted by a 116% increase in production revenues over the third quarter of last year.
The Company reports financial results in accordance with International Financial Reporting Standards ("IFRS").
Q3HIGHLIGHTS
• The average oil and gas production per production day for the nine months ended September 30, 2011 was 6,111boe/d compared to 4,603 boe/d in the same period of 2010.
• Production revenues from Kazakhstan and Uzbekistan in the nine months ended September 30, 2011 totalled some US$15.5 million compared to US$11.3 million in the same period of 2010, representing a 37% increase.
• Cash balance at September 30, 2011 was US$18.4 million compared to US$12.9 million at September 30, 2010.
• Net loss for the nine months to September 30, 2011 was US$17.6 million compared to $18.4 million in the same period of 2010.
• Capital expenditure, excluding the joint venture in Tajikistan, in the nine months ended September 30, 2011 was US$36.8 million compared to US$23.2 million as at September 30, 2010.
• Total assets at September 30, 2011 were US$255.1 million compared to US$182.1 million at September 30, 2010.
• The Doris oil production facilities in Kazakhstan were completed and the trucking of oil commenced from this location at a rate of over 1,500 bopd.
• The AKD05 Kazakh appraisal well flowed at 1,568 barrels per day of good quality (45 degrees API) oil during testing. Flow data indicate that the well would be capable of flowing around 3,000 barrels per day with reconfiguration of the production facilities.
• Tethys commenced trading on the main market of the London Stock Exchange under the ticker symbol "TPL".
Registered Office: 89, Nexus Way, Camana Bay, Grand Cayman, KY1-9007, Cayman Islands Listed on the Toronto Stock Exchange (TSX ) and the London Stock Exchange (LSE) with the symbol “TPL” and on the Kazakhstan Stock Exchange (KASE)
Correspondence Address: P.O. Box 524, St. Peter Port, Guernsey, GY1 6EL, British Isles
Tel: +44 1481 725911 Fax: +44 1481 725922 Email:info@tethyspetroleum.com Website: www.tethyspetroleum.com
Operational Update Kazakhstan
The AKD06Doris appraisal wellis currently undergoing testing with results expected this month. This well is located on an amplitude anomaly derived from detailed spectral analysis of the new 3D seismic dataset and was located primarily to target the Cretaceous sandstone interval, the most prolific producing horizon in the area, with other stratigraphic targets being secondary. It is hoped this well will extend the known producing area of the Doris oil discovery at this horizon and provide sufficient data to move on and drill further wells to test the full extent of the discovered field.
The Kalypso (KBD01) wildcat exploration wellwill undergo a comprehensive testing programme on both the Carboniferous and Jurassic horizons following agreement and approvals from the appropriate Kazakh authorities.The well reached total depth in September, with electric logs being run and indicating two potential Jurassic targets and some 100m of gross pay from a depth of 4,128 metres in what is interpreted to be Carboniferous limestones with this zone most likely to require acid and fracture stimulation, a common completion process implemented in similar fields in the area.
Work is ongoing on the construction of a new rail loading facility closer to the field which will enable oil production to increase. This terminal should be completed and operational before the end of this year.
Tajikistan
The Beshtentak well BST20 has recently been worked over by applying modern perforating and acidisation techniques and applying natural gas lift. The well has been producing over 500barrels of oil per day ("bopd"), with associated gas on a restricted choke (10 mm – 25/64 inch) with a flowing tubing head pressure of 26 atmospheres (377 psi). The oil has an API gravity of 38 degrees and no water is being produced. The wellhas been placed on oil production and the gas tied into the nearby local gas grid. Initial sales agreements have been signedand the first payments from oil sales have been received. The well is still on test production so will be produced on varying rates until year-end, but after that it is expected that this well will be put on production continually at more than 500 bopd. There are other workover candidates on the Beshtentak field which has gross prospective resources of 11.7 million barrels of oil and 16.1 billion cubic feet (0.23 billion cubic metres) of gas as quoted by the Company's independent reserves and resources assessment effective December 31, 2010.
The East Olimtoi (EOL09) exploration well testing programme is continuing with additional specialist equipment due to arrive at the field in November 2011 to attempt to establish continual flow from the Alai zone, where oil has been recovered.
The Persea 1 exploration well, located near the town of Kurgon-Teppa in the south-west part of the PSC area, is primarily targeting the Bukhara limestone formation in a four- way dip closed structure with the overlying Alai formation forming a potential secondary target. The well is currently at a depth of 2,425 meters. The planned total depth of this well is 2,700 metres and it is expected that this will be reached in later November 2011.
Page 2 of 4
As well as an active shallower drilling programme, Tethys continues to progress its longer term strategy of acquiring sufficient data to locate and drill a deep exploration well below the regional salt layer, drilling to targets zones that are prolific producers in the adjacent Amu-Darya basin in Uzbekistan and Turkmenistan but that have never been tested in Tajikistan.The Amu-Darya has some of the biggest gas-condensate fields in the world and Tethys believes Tajikistan has the same potential. To this effect,Tethys continues its comprehensive geophysical data gathering with the evaluation of the recently acquired graviometry data which was shot over a considerable amount of the 35,000 km2 contract area. This complements and adds to the 693km regional seismic program carried out in 2009-2010. After fully evaluating this additional data, Tethys hopes to then focus on the most prospective area with the intention of spudding a deep well at the end of 2012.
These highlights along with other operational and financial details will be further discussed in a scheduled conference call. Details of the conference call can be found below:
Conference Call:
A conference call will be held at 11:00 AM Eastern Time on Tuesday, November 15, 2011. The North American conference call number is (866) 730-5763and the outside North America conference call number is +1 (857) 350-1587. The conference call code to use is 73859209. Please call in about 10 minutes before the starting time in order to be patched into the call.
Webcast:
The call is being webcast and can be accessed at:
http://phx.corporate-ir.net/phoenix.zhtml?p=irol- eventDetails&c=213714&eventID=4241260
Tethys is focused on oil and gas exploration and production activities in Central Asia with activities currently in the Republics of Tajikistan, Kazakhstan and Uzbekistan. This highly prolific oil and gas area is rapidly developing and Tethys believes that significant potential exists in both exploration and in discovered deposits.
This press release contains "forward-looking information" which may include, but is not limited to, statements with respect to our operations. Such forward looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions. See our Annual Information Form for the year ended December 31, 2010 for a description of risks and uncertainties relevant to our business, including our exploration activities.
gsfl
13 years ago
TETHYS PETROLEUM PRESS RELEASE
Tajikistan Operations Update
DUSHANBE, TAJIKISTAN, September 12, 2011 - Tethys Petroleum Limited ("Tethys" or the "Company") (TSX:TPL)(LSE:TPL) today gave an update on its operations in the Republic of Tajikistan.
Testing operations are underway on the East Olimtoi EOL09 exploration well located south of the town of Kulob some 10 km north of the Afghan border. This well reached a total depth of 3,765 metres in the Akdzhar formation and testing operations are being undertaken on the overlying Bukhara and Alai formations.
Currently the well is flowing a mixture of completion brine and oil from the upper Alai sandstone interval, this oil being of good quality with an API gravity of approximately 36 degrees. The current section open to testing includes this upper Alai sandstone unit as well as the lower Alai limestone interval and the upper part of the Bukhara formation. The well was drilled with heavy drilling fluid (weighted with barite), which was required to control the well when it intersected the upper Alai reservoir. Barite is currently being observed in the flow lines which the company believes is also inhibiting flow at present. It is anticipated that the well will clean up in due course, however the cleanup period may take some time. The Company is currently evaluating methods of speeding up the clean up of this well including acidisation or nitrogen-lifting using coiled tubing, subject to availability of equipment.
There are two further sandstone zones in the Alai formation which appear oil bearing based on wireline logs and which will be tested after a stable and representative flow rate has been achieved from the upper Alai sandstone unit. The lower part of the Bukhara interval was also tested but was found to have low permeability at this location although with the potential for production in future wells using production enhancement techniques such as hydraulic fracture stimulation. Mobilization of such equipment to Tajikistan would take a significant amount of time, as such the company has chosen to focus on the upper zones of this particular well at this time.
The Persea 1 exploration well, located near the town of Kurgon-Teppa is progressing within the 12 1/4” hole section. This well is primarily targeting the Bukhara limestone formation in a four-way dip closed structure with the overlying Alai formation forming a potential secondary target. The planned total depth of this well is 2,700 metres and it is expected that this will be reached in October 2011.
Data collection for the gravity, gradiometry and magnetic aerial survey carried out over the 35,000 km2 Bokhtar Production Sharing Contract Area has now just been completed. This will provide additional and more aerially extensive data to complement the existing seismic acquisition with the final processed data and results expected in Q4 2011.
Registered Office: 89 Nexus Way, Camana Bay, Grand Cayman, KY1-9007, Cayman Islands Listed on the Toronto Stock Exchange (TSX) and the London Stock Exchange (LSE) with the symbol “TPL” and on the Kazakhstan Stock Exchange (KASE)
Tethys is focused on oil and gas exploration and production activities in Central Asia with activities currently in the Republics of Tajikistan, Kazakhstan and Uzbekistan. This highly prolific oil and gas area is rapidly developing and Tethys believes that significant potential exists in both exploration and in discovered deposits.
This press release contains "forward-looking information" which may include, but is not limited to, statements with respect to our operations. Such forward looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions. See our Annual Information Form for the year ended December 31, 2010 for a description of risks and uncertainties relevant to our business, including our exploration and development activities. The presence of potential hydrocarbon-bearing zones does not mean that commercial hydrocarbons will be obtained.
gsfl
13 years ago
TETHYS PETROLEUM PRESS RELEASE
FOR IMMEDIATE RELEASE Kazakhstan KBD01 (Kalypso) Exploration Well Update
BOZOI, KAZAKHSTAN, September 7, 2011 - Tethys Petroleum Limited ("Tethys" or the "Company") (TSX:TPL)(LSE:TPL) today announced the initial logging results of its KBD01 (Kalypso) exploration well drilled in the Kul-Bas block some 50 km north west of the Doris oil discovery.
The well has now reached total depth in what is initially interpreted to be rocks of Carboniferous age. Electric logs just run over the deeper section indicate more than 100 metres of gross potential hydrocarbon bearing zones in what is interpreted to be shelf limestones of Carboniferous age. Hydrocarbon shows were also noted whilst drilling. This is in addition to the hydrocarbon indications noted on logs and drill data in the overlying Jurassic section (logged prior to drilling this deeper hole section).
7-inch liner is now about to be run after which a comprehensive testing programme on both the Carboniferous and Jurassic intervals is planned following agreement and approvals from the appropriate Kazakh authorities. Obtaining these approvals could take some 2 months (with mobilization of testing equipment to follow thereafter), as this is an exploration well and, unlike appraisal wells, no estimated testing programme could be submitted prior to finishing the well.
The nearest field which produces from similar Carboniferous shelf limestones is the Alibekmola field, some 250km to the north in the pre-Caspian Basin Subsalt. It is likely that the limestone interval will require acidisation and possible fracture stimulation to achieve optimal production performance (as do other similar fields). This will be evaluated as part of the test programme planning.
Meanwhile, elsewhere in Kazakhstan the AKD06 Doris oil appraisal well is drilling ahead at a depth of 1,755 metres towards the Aptian sandstone target.
Tethys is focused on oil and gas exploration and production activities in Central Asia with activities currently in the Republics of Tajikistan, Kazakhstan and Uzbekistan. This highly prolific oil and gas area is rapidly developing and Tethys believes that significant potential exists in both exploration and in discovered deposits.
This press release contains "forward-looking information" which may include, but is not limited to, statements with respect to our operations. Such forward looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions. See our Annual Information Form for the year ended December 31, 2010 for a description of risks and uncertainties relevant to our business, including our exploration and development activities. The presence of potential hydrocarbon-bearing zones does not mean that commercial hydrocarbons will be obtained.
For more information please contact:
gsfl
13 years ago
AKD05 Well Flows at over2,000 barrels per day
BOZOI, KAZAKHSTAN, Tuesday , July 26, 20 11: Tethys Petroleum Limited (“Tethys” or the “Company” (TSX ,LSE :TPL)) today announced that following acidisation its AKD05 Doris appraisal well in Kazakhstan has flowed some 2,088 barrels of fluid per day, of which 1,568 barrels per day was good quality (45° API) oil. The well flowed with good surface pressures and the flow was limited by the surface facilities. Flow data indicate that the well would be capable of flowing around 3,000 barrels per day with reconfiguration of the production facilities.
The well is producing from the same Upper Jurassic carbonate sequence, which was also productive in the AKD01 Doris discovery well. Following reconfiguration of the surface facilitiesthewellwill beplacedonlong-termtestproduction. Thewellis alreadytied into the Doris oil production facilities and the oil will be trucked for sale along with oil from the AKD01 well.
Mark Sarssam, Vice President Petroleum D evelopment of Tethys commented, “The acidisation on the AKD05 well has proved to be very successful with a production increase of more than three times. We have a well, which has the indications of being a good oil producer from this laterally extensive carbonate reservoir. The reservoir characteristics appear good, the oil of good quality and the data from the long-term production test should give us a much better idea as to the size of this reservoir. This is a good result!”
Preparations are underway for the drilling of the next Doris appraisal well, AKD06, which should commence drilling before the end of this month.
Tethys also updated on the status of other operations in Kazakhstan. The final phase of testing of the AKD04 (Dero) is now complete having tested further thin sands primarily to gain pressure and additional reservoir data for future appraisal planning. As anticipated no commercial oil flow was obtained from these thin sands.
The Kalypso (KBD01) wildcat exploration well, which is targeting primarily a large potential structural closure at Carboniferous level , is currently at a d e p t h o f 3,354 metres and is dri lling ahead. The planned total depth of this well is between 4,000 and 4,500 metres and it is expected that this will be reached in August.
Additional technical information
The AKD05 well flowed at a stable rate of 1,568 barrels of oil per day (“bopd”) on a 25.4 mm (1 inch) choke from an 18 metre gross interval at a depth of c.2, 350 metres. The flowing tubing head pressure was 19 atmospheres (275 psig). The Upper Jurassic carbonate interval is present across the area and is a good seismic marker on the new 3D dataset. The AKD01 Doris discovery well
Registered Office: 9, Nexus Way, Camana Bay, Grand Cayman, KY1-9007, Cayman Islands Listed on the Toronto Stock Exchange (TSX ) and the London Stock Exchange (LSE) with the symbol “TPL” and on the Kazakhstan Stock Exchange (KASE)
flowed 1,373 bopd from the same interval with a FTHP of 14.2 atmospheres (209 psig) on the same size choke.
Tethys is focused on oil and gas exploration and production activities in Central Asia with activities currently in the Republics of Tajikistan, Kazakhstan and Uzbekistan. This highly prolific oil and gas area is rapidly developing and Tethys believes that significant potential exists in both exploration and in discovered deposits.
This press release contains "forward-looking information" which may include, but is not limited to, statements with respect to our operations. Such forward -looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions. See our Annual Information Form for the year ended December 31, 2010 for a description of risks and uncertainties relevant to our business, including our exploration and development activities. Test production rates may vary from sustained production rates when developing a well or a deposit. The commerciality of any discovery can be affected by many factors including product prices, operating costs, capital costs, government take and sustained production levels and ultimate recovery of hydrocarbons. Hydrocarbon indications from drilling or wireline log data do not necessarily mean that mobile hydrocarbons are present in the formation or can be produced.
gsfl
13 years ago
Tajikistan Exploration Well Update
DUSHANBE, TAJIKISTAN, Thursday, June 9th, 2011: Tethys Petroleum Limited (“Tethys” or the “Company” (TSX:TPL) today announced a further update on the East Olimtoi EOL09 exploration well in south-western Tajikistan.
Electric logs have now been run in the well over the Alai interval (a secondary target) which, as previously announced produced live oil and gas to surface whilst drilling and showing high formation pressures. The electric logs have confirmed the probable presence of moveable hydrocarbons in the interval from 3,341 to 3,500 metres. Independent petrophysical interpretation indicates up to 32 metres of net hydrocarbon bearing pay in the section with porosities of up to 17%. No oil-water contact is interpreted in this section of the well. The potential closure covers an area of over 10 km2 in the East Olimtoi prospect alone.
The well is currently drilling ahead at a depth of 3,544 metres in the Suzak shale which separates the Alai from the Bukhara limestone. Depending on formation pressures it is planned to set 7 inch casing at the base of the Suzak Shale prior to drilling through the Bukhara. It is planned to conduct production testing on all zones of interest after the drilling has been completed in approximately 3-4 weeks
The mapping shows three additional structures around the salt piercement that could be drilled following completion of the EOL09 well. There are also similar prospective structures in the area.
Tethys is focused on oil and gas exploration and production activities in Central Asia with activities currently in the Republics of Kazakhstan, Tajikistan and Uzbekistan. This highly prolific oil and gas area is rapidly developing and Tethys believes that significant potential exists in both exploration and in discovered deposits.
This press release contains "forward-looking information" which may include, but is not limited to, statements with respect to our operations. Such forward-looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions. See our Annual Information Form for the year ended December 31, 2010 and other filings for a description of risks and uncertainties relevant to our business, including our exploration and production activities. Test production rates may vary from sustained production rates when developing a well or a deposit. The commerciality of any discovery can be affected by many factors including product prices, operating costs, capital costs, government take, sustained production levels and ultimate recovery of hydrocarbons. Hydrocarbon indications from drilling or wireline log data do not necessarily mean that mobile hydrocarbons are present in the formation or can be produced.
gsfl
14 years ago
Kazakhstan Operations Update
BOZOI, KAZAKHSTAN, Monday, May 9, 2011: Tethys Petroleum Limited (“Tethys” or the “Company” (TSX:TPL)) today provided an update on the progress in its Kazakhstan oil appraisal and exploration activities.
The AKD04 (Dero) appraisal well has now reached total depth of 2,566 metres and electric logging has been carried out. This well is located on the separate Dero part of the structure to the east of the AKD01 Doris oil discovery and was designed to ascertain the potential in the Upper Jurassic carbonate zone and the edge of the Lower Cretaceous (Aptian) sandstone in this area. Interpretation of the well data shows both the Jurassic carbonate and the Aptian sand to be present in the well with both showing indications of hydrocarbons. These two horizons were the zones that tested oil in the AKD01 well. Preparations are currently being made to run casing which will be followed by an appropriate testing programme – following receipt of the usual consents from Kazakh authorities.
In the AKD05 Doris appraisal well, the 9 5/8”casing has been set and it is drilling ahead. This well is currently on prognosis and should reach planned total depth of 2,500 metres by the end of this month.
Further evaluation of the recently acquired 3D seismic dataset using state of the art processing and interpretation techniques is revealing the probable presence of sand fans in the Cretaceous sandstone sequence and these data are being integrated with the results of the well data to plan future appraisal well locations in the greater Doris area.
Testing of the AKD03 (Dione) exploration well continues after the successful test of a new sandstone zone in the Upper Jurassic, which flowed dry oil at over 400 barrels per day. The company believes that a significantly higher flow rate may be achieved with a horizontal or high angle completion, and will determine optimised well designs as part of the overall development plan following completion of the appraisal and exploration programme. The overlying Upper Jurassic carbonate has now been tested but no commercial oil flow was obtained. Testing will now be undertaken on the good quality potentially oil-bearing Cretaceous sandstone interval (which is similar to the main reservoir zone in the AKD01 well) and which shows the best reservoir properties of the zones being tested. The extent and potential of this Dione flank structure is currently being evaluated using the new 3D seismic dataset.
The KBD01 (Kalypso) wildcat exploration well is currently drilling at a depth of 2,498 metres. This well is being drilled on a large structure some 50 km to the north west of the Doris discovery with its primary target being at approximately 4,000 metres and with secondary targets above this. Seismic shows this prospect to have up to 400 metres of potential vertical closure. Hydrocarbon shows have been observed in the drilled section. It is expected that this well will reach total depth in July 2011.
Tethys is focused on oil and gas exploration and production activities in Central Asia with activities currently in the Republics of Tajikistan, Kazakhstan and Uzbekistan. This highly
, KY1-1108, Cayman Islands
Registered Office: 89 Nexus Way, Camana Bay, Grand Cayman, KY1-9007, Cayman Islands Tethys Petroleum Limited is listed on the Toronto Stock Exchange (TSX:TPL) and on the Kazakhstan Stock Exchange (KASE:GG_TPL_)
Correspondence Address: P.O. Box 524, St. Peter Port, Guernsey, GY1 6EL, British Isles
Tel: +44 1481 725911 Fax: +44 1481 725922 Email: tethys@tethyspetroleum.com Website:
www.tethyspetroleum.com
prolific oil and gas area is rapidly developing and Tethys believes that significant potential exists in both exploration and in discovered deposits.
This press release contains "forward-looking information" which may include, but is not limited to, statements with respect to our operations. Such forward-looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions. See our Annual Information Form for the year ended December 31, 2010 for a description of risks and uncertainties relevant to our business, including our exploration and development activities. Test production rates may vary from sustained production rates when developing a well or a deposit. The commerciality of any discovery can be affected by many factors including product prices, operating costs, capital costs, government take and sustained production levels and ultimate recovery of hydrocarbons. Hydrocarbon indications from drilling or wireline log data do not necessarily mean that mobile hydrocarbons are present in the formation or can be produced.
For more information please contact:
Tethys Petroleum Limited Sabin Rossi Vice President Investor Relations Tethys Petroleum Limited TD Canada Trust Tower 161 Bay Street, 27th Floor Toronto M5J 2S1, Canada +1 416 572 2065 +1 416 572 2201 (FAX) info@tethyspetroleum.com www.tethyspetroleum.com Mobile site: http://m.tethyspetroleum.com or In Asia-Pacific Quam IR Anita Wan, Associate Director + (852) 2217-2999 + (852) 2217-2999 (FAX) anita.wan@quamgroup.com
gsfl
14 years ago
Insider buying report
Tethys Petroleum Limited (TPL)
As of March 22nd, 2011
Filing Date Transaction Date Insider Name Ownership Type Securities Nature of transaction # or value acquired or disposed of Unit Price
Mar 22/11 Mar 22/11 Wells, William Paul Wells Indirect Ownership Common Shares 10 - Acquisition in the public market 20,000 $1.450
Mar 09/11 Mar 09/11 Wells, William Paul Wells Indirect Ownership Common Shares 10 - Acquisition in the public market 150,000 $1.550
Mar 08/11 Mar 08/11 Wells, William Paul Wells Indirect Ownership Common Shares 10 - Acquisition in the public market 100,000 $1.653 USD
Feb 24/11 Feb 24/11 Wells, William Paul Wells Indirect Ownership Common Shares 10 - Disposition in the public market -14,100 $1.610
Feb 15/11 Feb 14/11 Hammond, Julian Direct Ownership Options 2007 LTSIP 50 - Grant of options 90,000 $1.720
Dec 01/10 Nov 30/10 Wells, William Paul Wells Indirect Ownership Common Shares 47 - Disposition by gift -45,300
Nov 10/10 Nov 10/10 Wells, William Paul Wells Indirect Ownership Common Shares 10 - Disposition in the public market -11,800 $1.630 USD
Oct 22/10 Oct 20/10 Rawls, James H. Direct Ownership Options 2007 LTSIP 50 - Grant of options 120,000
Oct 22/10 Oct 20/10 Rhodes, Marcus Direct Ownership Options 2007 LTSIP 50 - Grant of options 120,000 $1.600
Oct 22/10 Oct 20/10 Johnson, Piers Jonathon Direct Ownership Options 2007 LTSIP 50 - Grant of options 120,000 $1.600
- Amended Filing
gsfl
14 years ago
TETHYS PETROLEUM PRESS RELEASE
FOR IMMEDIATE RELEASE
Operational Update
GRAND CAYMAN, CAYMAN ISLANDS, Monday March 21, 2011: Tethys Petroleum Limited (“Tethys” or the “Company” (TSX:TPL) today provided an operational update in conjunction with its financial results for the year ended December 31, 2010.
Operational Update – Kazakhstan, Tajikistan and Uzbekistan
RECENT HIGHLIGHTS Kazakhstan
Tajikistan
Uzbekistan
• 3D seismic survey interpretation complete around Doris oil discovery. • Drilling operations commenced on AKD04 and AKD05 will spud imminently, these are the first appraisal wells of the Doris oil discovery to be drilled based on
the new 3D seismic. • AKD03 (Dione) exploration well comprehensive testing program commenced in
March 2011. • KBD01 (Kalypso) exploration well re-commenced drilling in February 2011
upon arrival of the Telesto rig. • AKD02 and G6RE to be tested with radial drilling technology. • Joint-venture signed to construct oil rail loading terminal. • Stage 2 oil production facilities currently being installed with 3,000 to 4,000
bopd target end June 2011.
• 690 km seismic data acquisition complete. • Aerial magnetic and gravity survey to commence imminently. • Testing of the KOM201 continues using radial drilling with results expected in
Q2 2011. • East Olimtoi exploration well EOL09 drilling to re-commence imminently with
target depth planned for end Q2 2011. • New exploration well planned.
• NUR96 well tested at over 1,100 bopd. • Jet pumping unit being mobilised to optimise production with results expected
Q2 2011.
Kazakhstan
The appraisal programme on the Doris oil discovery and further exploration on the Akkulka block is continuing.
In November 2010, both the 3D and 2D seismic acquisition programs on the Doris oil discovery and surrounding exploration area had been completed and first data has been interpreted. As
, KY1-1108, Cayman Islands
Registered Office: 89 Nexus Way, Camana Bay, Grand Cayman, KY1-9007, Cayman Islands Tethys Petroleum Limited is listed on the Toronto Stock Exchange (TSX:TPL) and on the Kazakhstan Stock Exchange (KASE:GG_TPL_)
Correspondence Address: P.O. Box 524, St. Peter Port, Guernsey, GY1 6EL, British Isles
Tel: +44 1481 725911 Fax: +44 1481 725922 Email: tethys@tethyspetroleum.com Website: www.tethyspetroleum.com
well as providing more detailed information on the discovered field, the seismic program has identified several new exploration targets at various depths in the vicinity.
The AKD04 and AKD05 appraisal wells locations were identified in January 2011 based upon the mapping of the 3D seismic and incorporating results from the pressure transient analysis of the testing on the Cretaceous horizon in AKD01. The AKD04 (“Dero”) exploration / appraisal well has commenced drilling and is located to the east of the Doris crest in order to test the likely continuation of the structure in that area, and AKD05, which will spud within the next two weeks, is being drilled immediately up-dip of the AKD01 well with both wells targeting the lower Cretaceous Aptian sandstones and Jurassic carbonates that were successfully tested in AKD01, as well as a possible third, overlying, Albian sandstone horizon.
The AKD03 (“Dione”) exploration well, which is located approximately 10 km to the southwest of the AKD01 Doris discovery well (on a separate prospect), reached its targeted depth at 3,975 m in January 2011. A comprehensive testing programme commenced in late February 2011 following receipt of necessary approvals from the Kazakh State. A sandstone interval within the upper part of the Jurassic, which was not present in AKD01, had good oil indications while drilling and will be tested in the short term. The overlying Jurassic carbonate zone (which is similar to AKD01 but may have lower reservoir quality) is over 20 m in thickness and which had hydrocarbon indications while drilling and on the wireline logs will then be tested. A further potential oil bearing zone has been identified in good quality Cretaceous, Albian age sandstones, these appearing similar in quality to the reservoir in the Doris discovery well and testing of this zone will follow. Results of the testing programme are expected at the end of April 2011.
The KBD01 (“Kalypso”) exploration well is located approximately 50 km to the northwest of the Doris oil discovery and has a planned total depth of over 4,000 m. The drilling of the KBD01 well continued in February 2011 upon arrival of the Telesto rig from AKD03 and is at a current depth of 1,034 m. This well is targeting potential reservoirs at several stratigraphic levels from the Cretaceous to the Permo-Carboniferous and the Company believes that this prospect has significant potential. The KBD01 well is the first deep exploration well to be drilled by the Company on the Kul-Bas Block, which also contains several other attractive prospects.
Both the AKD02 appraisal well and the G6RE sidetrack well await testing with the application of radial drilling to simulate the Upper Jurassic carbonate zone, which is forecast to be in Q2 2011. Once the results of radial drilling are known and evaluated then a decision as to the viability of acid hydro-fracing these zones will be taken. Radial drilling has been successfully applied in the Jurassic carbonate reservoir on the Company’s North Urtabulak field in Uzbekistan.
In January 2011 the Company received Kazakh State approval for the Pilot Production Project for the Doris oil discovery in the Akkulka Block. This approval gives the right to produce oil from the Akkulka Field during the exploration period and allows the Company to install and operate production facilities for the planned 3,000 to 4,000 bopd (Phase 2) production target for the end of Q2 2011. In order to advance this project, on February 17, 2011, the Company signed a joint venture agreement to construct and operate a rail oil loading terminal. It is intended that this terminal will take crude oil from the Pilot Production Project and will be owned 50/50 with a new local partner, Eurasia Gas Group LLP, who have strong experience in the oil distribution business in Kazakhstan.
Tajikistan
The Company’s regional seismic acquisition programme has been completed with 693 Km of data being acquired and processing and interpretation continues, these data being primarily aimed at identifying further exploration potential. Based on these data the Company is
, KY1-1108, Cayman Islands
Registered Office: 89 Nexus Way, Camana Bay, Grand Cayman, KY1-9007, Cayman Islands Tethys Petroleum Limited is listed on the Toronto Stock Exchange (TSX:TPL) and on the Kazakhstan Stock Exchange (KASE:GG_TPL_)
Correspondence Address: P.O. Box 524, St. Peter Port, Guernsey, GY1 6EL, British Isles
Tel: +44 1481 725911 Fax: +44 1481 725922 Email: tethys@tethyspetroleum.com Website: www.tethyspetroleum.com
planning to drill a new exploration well to a depth of up to 3,000 m using its ZJ30 rig Tykhe. This well is expected to commence operations in Q2 2011.
A contract has been signed for a gravity gradiometry and magnetic aerial survey to cover the entire area of the 35,000 km2 Bokhtar Production Sharing Contract Area and a team is being mobilised to commence this survey once final governmental approvals have been obtained – these being expected shortly. This survey will provide additional and more aerially extensive data to complement the existing seismic acquisition. This survey is expected to take place in Q2 2011 with results expected in Q3 2011. The Company has previously stated that it is seeking a suitable farm-in partner for its exploration programme in Tajikistan and these geophysical data are an important part of the information relating to such a potential farm-in. Discussions with several parties are ongoing.
The KOM201 well which lies adjacent to Dushanbe reached a total measured depth of 2,456 metres in November 2010 in what is interpreted to be the Triassic sequence. The well commenced cased-hole testing in January 2011 and will shortly have radial drilling applied with results expected in the first half of 2011. Wireline logs indicate hydrocarbons may be present in the secondary, overlying targets of the Cenomanian, Hauterivian and Bukhara.
The East Olimtoi exploration well EOL09 is targeting an attractive prospect on the edge of a salt induced structure some 40 km south-west of the city of Kulob. Operations on the well recommenced in September 2010 and it is currently at a depth of 2,900 m targeting a Palaeogene reservoir prognosed at a depth of 3,800 m. Drilling is about to recommence after a significant rig upgrade and the well is expected to reach target depth at the end of Q2 2011.
Uzbekistan
The NUR96H2 horizontal development well at the North Urtabulak field in Uzbekistan recently tested at over 1,100 bopd and has now been put on production. This well reached a total depth of 3,060 m with a producing section of 437 m of inclined and horizontal hole.
Recently the Company has started the process to import jet-pumping equipment in order to evaluate its suitability to the Jurassic carbonate reservoirs present in Uzbekistan and optimise production at North Urtabulak, results are expected in the June 2011.
Tethys continues to carry out production enhancement techniques on North Urtabulak including radial drilling, water injection, and the drilling of new wells, to capitalise on the relatively high world oil prices and increasing short-term cash flow through increasing production.
In addition to the work on their current asset Tethys is also pursuing obtaining other projects including other nearby existing fields and also exploration acreage, which it believes it is in a strong position to achieve due to the successful work it is carrying out at North Urtabulak.
Tethys is focused on oil and gas exploration and production activities in Central Asia with activities currently in the Republics of Tajikistan, Kazakhstan and Uzbekistan. This highly prolific oil and gas area is rapidly developing and Tethys believes that significant potential exists in both exploration and in discovered deposits.
, KY1-1108, Cayman Islands
Registered Office: 89 Nexus Way, Camana Bay, Grand Cayman, KY1-9007, Cayman Islands Tethys Petroleum Limited is listed on the Toronto Stock Exchange (TSX:TPL) and on the Kazakhstan Stock Exchange (KASE:GG_TPL_)
Correspondence Address: P.O. Box 524, St. Peter Port, Guernsey, GY1 6EL, British Isles
Tel: +44 1481 725911 Fax: +44 1481 725922 Email: tethys@tethyspetroleum.com Website: www.tethyspetroleum.com
This press release contains "forward-looking information" which may include, but is not limited to, statements with respect to our operations. Such forward looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions. See our Annual Information Form for the year ended December 31, 2009 for a description of risks and uncertainties relevant to our business, including our exploration activities. Hydrocarbon indications from drilling or wireline log data from intervals in a well are not definitive and there is no guarantee that such intervals will flow commercial quantities of hydrocarbons, or indeed flow any hydrocarbons to surface.
For more information please contact:
Tethys Petroleum Limited Sabin Rossi Vice President Investor Relations Tethys Petroleum Limited TD Canada Trust Tower 161 Bay Street, 27th Floor Toronto N5J 2S1, Canada +1 416 572 2065 +1 416 572 2201 (FAX) info@tethyspetroleum.com www.tethyspetroleum.com Mobile site: http://m.tethyspetroleum.com
or
In Asia-Pacific Quam IR Anita Wan, Associate Director + (852) 2217-2999 + (852) 2217-2999 (FAX) anita.wan@quamgroup.com
gsfl
14 years ago
Tethys Petroleum Limited: Uzbek Well Flows Over 1,100 Barrels of Oil per Day
TASHKENT, UZBEKISTAN, Feb. 17, 2011 (Marketwire) --
Tethys Petroleum Limited ("Tethys" or the "Company") (TSX:TPL) today announced the initial results of testing on the NUR96H2 horizontal development well at the North Urtabulak field in Uzbekistan. The well has now been tested at over 1,100 barrels of oil per day (bopd) and is now being put on production.
This well reached a total depth of 3,060 metres (10,039 feet) with a producing section of 437 metres (1,434 feet) of lateral hole within this.
Tethys believes there is significant additional potential in the North Urtabulak field and is currently evaluating other targets for horizontal drilling. In addition to the North Urtabulak oil field Tethys believes it has an opportunity to acquire additional development and exploration projects in Uzbekistan, a country it regards as having great long term potential to add value to shareholders.
Tethys is focused on oil and gas exploration and production activities in Central Asia with activities currently in the Republics of Tajikistan, Kazakhstan and Uzbekistan. This highly prolific oil and gas area is rapidly developing and Tethys believes that significant potential exists in both exploration and in discovered deposits.
This press release contains "forward-looking information" which may include, but is not limited to, statements with respect to our operations. Such forward-looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions. See our Annual Information Form for the year ended December 31, 2009 for a description of risks and uncertainties relevant to our business, including our exploration activities.
gsfl
14 years ago
Tethys Petroleum Limited: Doris Phase 2 Oil Production Advances
ALMATY, KAZAKHSTAN, Feb. 17, 2011 (Marketwire) --
Tethys Petroleum Limited ("Tethys" or the "Company") (TSX:TPL) today announced that TethysMunaiGaz, its 100% owned Kazakh subsidiary, has signed a joint venture agreement to construct and operate a rail oil loading terminal ("Terminal") in Kazakhstan. It will be owned 50/50 with a new local partner, Eurasia Gas LLP, who has strong experience in the oil distribution business in Kazakhstan.
Under phase one oil production Tethys is currently selling unprocessed oil at the field from the AKD01 oil discovery well at the well site under an early oil production scheme. The oil is then trucked 430 kilometres to a location near Emba, where it is processed and then transported to local refineries. This early oil scheme was introduced to realise some immediate cash flow, but also to gain experience of trucking logistics in the region with trucking of up to 750 bopd.
For phase two oil production infrastructure is currently being installed at the field to process the oil to meet refinery specifications and also to increase production from AKD01 from 750 bopd to 3,000 - 4,000 bopd. The construction of the Terminal will significantly reduce the trucking distance and will result in lower operating costs and improved margins, as well as reducing the number of trucks required to transport this volume of oil. Both the second stage oil production infrastructure and the Terminal are planned to be operational by June 2010 whereupon production is planned to be increased to 3,000 - 4,000 bopd. The higher oil quality after processing and additional pricing power from larger cargos should translate into higher realised prices for Tethys.
A site has already been identified for the Terminal and detailed preliminary planning has already been carried out by Eurasia Gas LLP. It is planned to initially install a simple technical scheme to ensure operations can commence as soon as possible, with further storage and infrastructure upgrades planned for later in the year which will provide for greater efficiency and reduced transport costs in the long run.
Julian Hammond, Deputy Chief Executive and Chief Commercial Officer, commented, " We are delighted to sign this agreement to progress the second phase of production which will generate valuable cash flow that can be reinvested in the Company whilst we appraise the Doris oil discovery and explore for further oil in the immediate area, where the recently acquired and interpreted 3D seismic program has identified exploration targets in addition to the highly prospective targets we already had. Eurasia Gas have strong experience in the oil distribution business and this relationship will strengthen our position in the region. This is an important step for Tethys in building an efficient transportation network to facilitate oil sales to market in the quickest and most efficient manner."
Initial testing of the AKD03 (Dione) well is expected to commence shortly, and the company is progressing activities on the AKD04 Doris appraisal well and the KBD01 high potential exploration well. The company will update on these activities in due course.
The Doris Oil Discovery: Background
The Doris discovery well (AKD-01) flowed at a rate in excess of 6,800 barrels of oil per day ("bopd").
Tethys is focused on oil and gas exploration and production activities in Central Asia with activities currently in the Republics of Tajikistan, Kazakhstan and Uzbekistan. This highly prolific oil and gas area is rapidly developing and Tethys believes that significant potential exists in both exploration and in discovered deposits.
This press release contains "forward-looking information" which may include, but is not limited to, statements with respect to our operations. Such forward-looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions. See our Annual Information Form for the year ended December 31, 2009 for a description of risks and uncertainties relevant to our business, including our exploration activities.
Tethys Petroleum Limited
Vice President Investor Relations
+1 416 572 2065
+1 416 572 2201 (FAX)
info@tethyspetroleum.com
www.tethyspetroleum.com
Tethys Petroleum Limited
161 Bay Street, 27th Floor
Toronto N5J 2S1, Canada
Mobile site: http://m.tethyspetroleum.com
gsfl
14 years ago
Doris Phase 2 Oil Production Advances
ALMATY, KAZAKHSTAN, February 17, 2011 - Tethys Petroleum Limited ("Tethys" or the "Company") (TSX: TPL) today announced that TethysMunaiGaz, its 100% owned Kazakh subsidiary, has signed a joint venture agreement to construct and operate a rail oil loading terminal (“Terminal”) in Kazakhstan. It will be owned 50/50 with a new local partner, Eurasia Gas LLP, who has strong experience in the oil distribution business in Kazakhstan.
Under phase one oil production Tethys is currently selling unprocessed oil at the field from the AKD01 oil discovery well at the well site under an early oil production scheme. The oil is then trucked 430 kilometres to a location near Emba, where it is processed and then transported to local refineries. This early oil scheme was introduced to realise some immediate cash flow, but also to gain experience of trucking logistics in the region with trucking of up to 750 bopd.
For phase two oil production infrastructure is currently being installed at the field to process the oil to meet refinery specifications and also to increase production from AKD01 from 750 bopd to 3,000 – 4,000 bopd. The construction of the Terminal will significantly reduce the trucking distance and will result in lower operating costs and improved margins, as well as reducing the number of trucks required to transport this volume of oil. Both the second stage oil production infrastructure and the Terminal are planned to be operational by June 2011 whereupon production is planned to be increased to 3,000 – 4,000 bopd. The higher oil quality after processing and additional pricing power from larger cargos should translate into higher realised prices for Tethys.
A site has already been identified for the Terminal and detailed preliminary planning has already been carried out by Eurasia Gas LLP. It is planned to initially install a simple technical scheme to ensure operations can commence as soon as possible, with further storage and infrastructure upgrades planned for later in the year which will provide for greater efficiency and reduced transport costs in the long run.
Julian Hammond, Deputy Chief Executive and Chief Commercial Officer, commented, “ We are delighted to sign this agreement to progress the second phase of production which will generate valuable cash flow that can be reinvested in the Company whilst we appraise the Doris oil discovery and explore for further oil in the immediate area, where the recently acquired and interpreted 3D seismic program has identified exploration targets in addition to the highly prospective targets we already had. Eurasia Gas have strong experience in the oil distribution business and this relationship will strengthen our position in the region. This is an important step for Tethys in building an efficient transportation network to facilitate oil sales to market in the quickest and most efficient manner.”
Initial testing of AKD03 (Dione) well is expected to commence shortly, and the company is progressing activities on the AKD04 Doris appraisal well and the KBD01 high potential exploration well. The company will update on these activities in due course.
The Doris Oil Discovery: Background
The Doris discovery well (AKD-01) flowed at a rate in excess of 6,800 barrels of oil per day ("bopd").
Tethys is focused on oil and gas exploration and production activities in Central Asia with activities currently in the Republics of Tajikistan, Kazakhstan and Uzbekistan. This highly prolific oil and gas area is rapidly developing and Tethys believes that significant potential exists in both exploration and in discovered deposits.
This press release contains "forward-looking information" which may include, but is not limited to, statements with respect to our operations. Such forward-looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions. See our Annual Information Form for the year ended December 31, 2009 for a description of risks and uncertainties relevant to our business, including our exploration activities.
For more information please contact:
Sabin Rossi Vice President Investor Relations Tethys Petroleum Limited TD Canada Trust Tower 161 Bay Street, 27th Floor Toronto N5J 2S1, Canada
Office: Fax: Email: Website: Mobile site:
In AsiaPacific
Anita Wan Associate Director
gsfl
14 years ago
Tethys Petroleum Limited: Uzbek Well Flows Over 1,100 Barrels of Oil per Day
TASHKENT, UZBEKISTAN, Feb. 17, 2011 (Marketwire) --
Tethys Petroleum Limited ("Tethys" or the "Company") (TSX:TPL) today announced the initial results of testing on the NUR96H2 horizontal development well at the North Urtabulak field in Uzbekistan. The well has now been tested at over 1,100 barrels of oil per day (bopd) and is now being put on production.
This well reached a total depth of 3,060 metres (10,039 feet) with a producing section of 437 metres (1,434 feet) of lateral hole within this.
Tethys believes there is significant additional potential in the North Urtabulak field and is currently evaluating other targets for horizontal drilling. In addition to the North Urtabulak oil field Tethys believes it has an opportunity to acquire additional development and exploration projects in Uzbekistan, a country it regards as having great long term potential to add value to shareholders.
Tethys is focused on oil and gas exploration and production activities in Central Asia with activities currently in the Republics of Tajikistan, Kazakhstan and Uzbekistan. This highly prolific oil and gas area is rapidly developing and Tethys believes that significant potential exists in both exploration and in discovered deposits.
This press release contains "forward-looking information" which may include, but is not limited to, statements with respect to our operations. Such forward-looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions. See our Annual Information Form for the year ended December 31, 2009 for a description of risks and uncertainties relevant to our business, including our exploration activities.
Tethys Petroleum Limited
Vice President Investor Relations
+1 416 572 2065
+1 416 572 2201 (FAX)
info@tethyspetroleum.com
www.tethyspetroleum.com
Tethys Petroleum Limited
161 Bay Street, 27th Floor
Toronto N5J 2S1, Canada
Mobile site: http://m.tethyspetroleum.com
In Asia-Pacific
Anita Wan, Associate Director
+ (852) 2217-2999
+ (852) 2217-2999 (FAX)
anita.wan@quamgroup.com
Quam IR
19-20 Connaught Road Central
Hong Kong
SAR, PRC
gsfl
14 years ago
Tethys Petroleum Limited: Deputy Chief Executive Officer Appointed
GRAND CAYMAN, CAYMAN ISLANDS, Feb. 14, 2011 (Marketwire) --
Tethys Petroleum Limited ("Tethys" or the "Company") (TSX:TPL) today announced the appointment of Mr. Julian Hammond as Deputy Chief Executive Officer of the Company. Mr. Hammond will retain his current position as Chief Commercial Officer but, in addition to this, will act as deputy to Dr. David Robson, Chief Executive Officer.
Mr. Hammond, who is an economist by training, has worked in the oil and gas sector in the former Soviet Union since 1998 and has been involved with Tethys since its inception.
Dr. David Robson, Chairman, President and Chief Executive Officer of Tethys commented, "I am extremely pleased to see Mr. Hammond appointed to this new position. This will provide additional depth to the Company as we grow and develop our existing projects in Central Asia, notably our Kazakh oil discovery, our extremely attractive Tajik acreage and seeking additional projects to complement our current oil production project in Uzbekistan. Tethys is building on its established reputation in the region as a whole and Mr. Hammond's role as my deputy will greatly assist in giving us additional potential to further develop our business in this prolific oil and gas area."
Julian Hammond, Deputy Chief Executive Officer of Tethys, commented, "I am delighted with my appointment and look forward to my new role in this extremely important year for Tethys. Our team is working very hard in all three countries of our operations and we expect that hard work to deliver results for our shareholders this year and beyond."
Tethys is focused on oil and gas exploration and production activities in Central Asia with activities currently in the Republics of Tajikistan, Kazakhstan and Uzbekistan. This highly prolific oil and gas area is rapidly developing and Tethys believes that significant potential exists in both exploration and in discovered deposits.
This press release contains "forward-looking information" which may include, but is not limited to, statements with respect to our operations. Such forward-looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions. See our Annual Information Form for the year ended December 31, 2009 for a description of risks and uncertainties relevant to our business, including our exploration activities.
Tethys Petroleum Limited
Vice President Investor Relations
+1 416 572 2065
+1 416 572 2201 (FAX)
info@tethyspetroleum.com
www.tethyspetroleum.com
Tethys Petroleum Limited
161 Bay Street, 27th Floor
Toronto N5J 2S1, Canada
gsfl
14 years ago
Tethys Petroleum Limited: Kazakhstan-Kul-Bas Contract Amendments Complete
ASTANA, KAZAKHSTAN, Feb. 7, 2011 (Marketwire) --
Tethys Petroleum Limited ("Tethys" or the "Company") (TSX:TPL) today announced the proposed amendments to the Kul-Bas Exploration Contract ("the Contract") have now been incorporated into the Contract by the Ministry of Oil and Gas of the Republic of Kazakhstan ("MOG"). These amendments, which had been previously agreed with MOG, grant an extension to the Exploration Period for the Company's by a further two years until November 11, 2013.
The Kul-Bas contract area (which currently covers an area of 7,632 km2 (1.9 million acres)) surrounds the Akkulka contract area where the Company has recently made the AKD01 "Doris" oil discovery and where work is currently underway to appraise this oil discovery and explore the surrounding area.
The original Contract terms involved a 6-year exploration period with relinquishments (after which all areas outside commercial discovery areas would be relinquished) and a 19-year production period, which could be extended. The extension to the exploration period gives Tethys an additional two years to explore this attractive area that has several prospects and leads and with a proved oil system in the Akkulka block which is surrounded by the Kul-Bas area.
George Mirtskhulava, Head of Tethys' Kazakhstan Business Unit, commented: "I am very pleased that the Ministry of Oil and Gas continue to support Tethys' exploration efforts and this further demonstrates the ongoing support which the Kazakh authorities show to oil and gas companies who meet their contractual commitments."
Tethys is focused on oil and gas exploration and production activities in Central Asia with activities currently in the Republics of Tajikistan, Kazakhstan and Uzbekistan. This highly prolific oil and gas area is rapidly developing and Tethys believes that significant potential exists in both exploration and in discovered deposits.
This press release contains "forward-looking information" which may include, but is not limited to, statements with respect to our operations. Such forward-looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions. See our Annual Information Form for the year ended December 31, 2009 for a description of risks and uncertainties relevant to our business, including our exploration activities.
Tethys Petroleum Limited
Vice President Investor Relations
+1 416 572 2065
+1 416 572 2201 (FAX)
info@tethyspetroleum.com
www.tethyspetroleum.com
Tethys Petroleum Limited
161 Bay Street, 27th Floor
Toronto N5J 2S1, Canada
Mobile site: http://m.tethyspetroleum.com
In Asia-Pacific
Anita Wan, Associate Director
+ (852) 2217-2999
+ (852) 2217-2999 (FAX)
anita.wan@quamgroup.com
Quam IR
19-20 Connaught Road Central
Hong Kong
gsfl
14 years ago
Tethys Petroleum Limited: Kazakhstan Oil Production Project Approved
ALMATY, KAZAKHSTAN, Jan. 11, 2011 (Marketwire) --
Tethys Petroleum Limited ("Tethys" or the "Company") (TSX:TPL) today announced it had received approval for the Doris oil pilot production project and also provided an update on its operations and forward drilling plans in Kazakhstan.
Highlights;
-- Pilot Production Project approved by Kazakh State
-- 3D and 2D seismic acquisition program completed. The key to 'unlocking'
the Doris oil discovery and further exploration targets.
-- Next two Doris appraisal wells (AKD04 and AKD05) chosen on new 3D with
drilling on first in early February 2011
-- Further exploration targets in Akkulka block identified.
-- AKD03 testing program to commence beginning of February 2011
-- AKD02 and G6RE to be tested through the application of radial drilling
-- KBDO1 (Kalypso) well cased at 300 metres and about to recommence
drilling
TethysAralGaz ("TAG"), the Company's wholly owned Kazakh subsidiary, has received State approval from The Ministry of Oil and Gas ("MOG") for the Pilot production project for the Doris oil discovery on the Akkulka field.
This approval grants the right for oil production on the Akkulka field during the exploration period and allows the Company to install and operate production facilities for the planned 3,000-4,000 bopd production target planned for the second quarter of 2011. Currently TAG is producing under Test Production at a permitted level of 750 bopd. Once the pilot program is completed the relevant final reserve calculations will be submitted to The Ministry of Oil and Gas to receive a Production Contract that will allow for full field development and foreign or domestic sales. The Company is expected to apply for a Production Contract after the appraisal program for the Doris Oil discovery is complete which is forecast for the end of 2011.
Both the 3D and 2D seismic acquisition programs on the Doris oil discovery and surrounding exploration area have now been completed and the first data has been interpreted. The next two wells to be drilled on the Doris oil discovery have been identified and it is planned to commence drilling the first in early February 2011 with an already contracted ZJ30 rig. As well as providing more detailed information on the discovery field the seismic program has identified several new exploration targets at various depths in the vicinity. McDaniel and Associates Consultants Limited ("McDaniel") have been engaged in discussions to produce a new resource report in order to provide shareholders with an independent view of what the Company believes is an exciting exploration area. It is expected this report will be finished in the second quarter of 2011. The new reserve figures, also prepared by McDaniel for the Doris oil discovery will be released in March 2011.
The AKD03 (Dione) exploration well has been drilled to a depth of 3,975 metres and will now undergo a comprehensive testing program on up to eight separate zones that have been identified on logs. Testing can commence once approval has been granted by the Kazakh State, which is likely to take up to a month to obtain. A further potential hydrocarbon bearing sand was identified at the base of the well but due to challenging drilling conditions in this area it was decided to stop and test the zones already identified. Furthermore the 3D seismic that has recently been interpreted indicates that the deeper zones might be exploited better through a future sidetrack of AKD03 or potentially of well G6, where a similar sand was encountered. This will be decided after the AKD03 testing program is complete. The ZJ70 rig "Telesto" will now be moved from AKD03 to KBD01 (Kalypso) to continue drilling that well to TD and a testing rig will carry out the smaller program on AKD03.
Both the AKD02 appraisal well and the G6RE sidetrack well will now be tested with the application of radial drilling which is forecast to be at the end of the first quarter 2011. Radial drilling is a completion method whereby high-pressure air, water and acid create well completion bores up to 100 metres in length. After detailed technical analysis it has been decided that this method is preferred to the acid hydro-fracing originally planned. This technology has recently been tested successfully at the Company's oil field in Uzbekistan.
The KBD01 well on the Kalypso prospect is currently at 300 metres where the 508mm casing has been set. The KBD01 well is the first deep exploration well to be drilled by the Company on the Kul-Bas block, which also contains several other attractive prospects. The well is located approximately 50 km to the North-west of the Doris oil discovery and has a planned total depth of 4,000 metres, targeting potential reservoirs at several stratigraphic levels from the Cretaceous to the Permo-Carboniferous. It is expected that drilling will recommence once the Telesto rig is transported from AKD03 and then rigged up which should take approximately three weeks.
It is planned to source an additional rig capable for deeper drilling in addition to the Telesto rig in order to drill both the Daphne prospect located in the western part of the Akkulka Block and additional exploration targets that have been newly identified by the 3D seismic.
Tethys is focused on oil and gas exploration and production activities in Central Asia with activities currently in the Republics of Tajikistan, Kazakhstan and Uzbekistan. This highly prolific oil and gas area is rapidly developing and Tethys believes that significant potential exists in both exploration and in discovered deposits.
This press release contains "forward-looking information" which may include, but is not limited to, statements with respect to our operations. Such forward-looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions. See our Annual Information Form for the year ended December 31, 2009 for a description of risks and uncertainties relevant to our business, including our exploration activities.
Tethys Petroleum Limited
Vice President Investor Relations
+1 416 572 2065
+1 416 572 2201 (FAX)
info@tethyspetroleum.com
www.tethyspetroleum.com
Tethys Petroleum Limited
161 Bay Street, 27th Floor
Toronto N5J 2S1, Canada
Mobile site: http://m.tethyspetroleum.com
In Asia-Pacific
Anita Wan, Associate Director
+ (852) 2217-2999
+ (852) 2217-2999 (FAX)
anita.wan@quamgroup.com
Quam IR
19-20 Connaught Road Central
Hong Kong
SAR, PRC
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