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 rallies on oil flow find in Tajikstan well
Central Asia-focused Tethys Petroleum (TSE:TPL) said Friday that it has discovered oil in its Tajik exploration well, East Olimtoi EOL09, located south of the town of Kulob in Tajikistan.
Shares in the company rose more than 8% on the news on Friday, to trade at $1.30 as of 12:55pm EST.
While drilling at a depth of 3,342 metres in sandstones of the Alai formation, a secondary target, the oil and gas explorer and producer said there was a strong flow of live oil to the surface, accompanied by 33% gas in the drilling mud.
The well was successfully stabilized and drilling operations have now recommenced, Tethys added.
The oil, which appeared to be of medium density, flowed despite drilling with heavy mud.
The primary target for the EOL09 well is the Paleogene Bukhara limestone formation, and it is planned to set casing prior to entering this zone, with the well planned to reach a total depth of some 3,800 metres.
The nearest oilfield in the region of the well is the Beshtentak field some 75 km to the north‐west, which produces oil from the Bukhara limestone.
The company said that the oil-producing interval in the well has not been fully tested, and as such, there is no guarantee that the zone will produce commercially when properly tested. However, the observed oil flow is no doubt a positive indication.
