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 to test Persea 1 well after logs show possible hydrocarbons
Tethys Petroleum (LON:TPL, TSE:TPL) told investors that the Persea 1 exploration well in Tajikistan will be production tested in the new year after intersecting a zone of possible hydrocarbons.
The well has now reached its total depth of 2,655 metres with wireline logs showing a 50 metre gross zone of possible hydrocarbons in the Alai formation, which it said is similar to that about to be tested in the East Olimtoi.
The company explained that due hole stability issues, the section was drilled using drilling fluids of high density, which masks hydrocarbon shows during drilling. The well will now be prepared for a production test to establish commercial flow of hydrocarbons from this zone.
These tests will be carried out in the first half of 2012 with the costs covered by the company’s cash flow.
Last Tuesday, Tethys completed the purchase of a 34 percent stake in the Bokhtar production sharing contract (PSC), which includes the Persea prospect, increasing its total interest in the project to 85 percent.
The PSC area has been estimated to host unrisked prospective resources of 1.14 billion barrels of oil equivalent.
Tethys said it enjoys "excellent commercial terms" fixed under the 25-year production sharing contract.
The area covered under the PSC includes 35,000 square kilometres of the underexplored Afghan-Tajik Basin, with prolific discovered fields nearby.
The company said ongoing data acquisition is in the final stages, with the aim to drill the first deep pre-salt exploration well in the near future.
Apart from Tajikistan, Tethys operates in Kazakhstan and Uzbekistan, which the company says have significant potential in both exploration and in discovered deposits.
