www.tethyspetroleum.com
Tethys Petroleum Limited's strategy is to create shareholder value by building an oil and gas exploration and production company focused on Central Asia in areas with substantial oil and gas potential, building on the strengths of its management team and with a mix of short-term cash flow and upside potential. Currently Tethys has projects in Kazakhstan, Tajikistan and most recently Uzbekistan. Tethys is listed on the Toronto Stock Exchange in Canada and on the Kazakhstan Stock Exchange (KASE: GG_TPL_)
Tethys Petroleum's Kazakh exploration well flows commercial oil
Central Asia-focused oil and gas explorer Tethys Petroleum (TSE:TPL) said Monday that its AKD03 exploration well in Kazakhstan has tested commercial oil in a secondary target.
The AKD03, or Dione, well, which is located 10 kilometres to the southwest of the Doris discovery well, reached its total depth of 3,975 metres in January.
Following approval from the local government, a testing program for the well began in March, and testing in a sandstone unit within the Upper Jurassic formation of the well, resulted in oil flowing at rates of over 400 barrels of oil per day.
The 43-degree API oil flowed over an interval between 2,506 and 2,520 metres on a 12 mm choke, with no water being produced and no depletion observed.
The company said the interval was not included in its recent reserves report, and has now opened up a new play within the Greater Doris area, which will become a new target in the current and future exploration and appraisal of wells AKD04 and AKD05.
The AKD04 well is expected to reach total depth by early May, while AKD05 is anticipated to hit its target later that month.
Despite recent poor road conditions in the area, Tethys said that work is proceeding on track at its Doris pilot production project, with the aim of significantly increasing oil production from the field to 3,000 barrels of oil per day by the end of June.
