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Market: TSX
Sector: Oil & Gas Exploration & Production
Epic: TPL
News: Latest news
Web Site: Tethys Petroleum
Other Articles: 08-02-201012-01-201011-01-2010

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Tethys Petroleum

Tethys Petroleum

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 the RFCA Exchange in Almaty, Kazakhstan.

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Monday, February 08, 2010

Tethys Petroleum achieves flow rates of over 5,400 bopd at AKD01 discovery in Kazakhstan

by Sergei Balashov company news image

Tethys Petroleum (TSX: TPL) said that the upper zone of the AKD01 discovery in Kazakhstan flowed oil at a restricted rate of over 5,400 bopd (barrels per day), giving the AKD01 well a total flow rate of 6,800 bopd combined with the lower zone.


The well has encountered two oil bearing zones, the lower zone in the Jurassic sequence at 2,355 metres and upper Cretaceous sandstone at 2,174 metres. The upper zone has interpreted net pay of 9 metres with a porosity of 23% with 8 metres perforated and a maximum flow rate equivalent to 5,436 bopd. Oil was a 37 degree API light crude and the gas-oil ratio was at 331 cubic feet of gas per barrel of oil.


Testing of the lower dolomite zone carried out in December and January flowed at rates of up to 2,803 barrels of fluid per day, with test data indicating that the reservoir has good permeability and is laterally extensive. The two tests combined for a flow rate of over 8,200 barrel of fluid per day.


Current mapping indicates that the AKD01 well is in a downdip location on the prospect Doris with approximately 56 metres of elevation updip of the well, potentially bringing the entire lower reservoir into the oil zone.


“The test results on the upper zone of AKD01 show tremendous potential. Together with the positive results on the testing of the lower zone combined production rates are extremely encouraging and this discovery marks a significant step forward in the Company’s development. We believe this is the first test of oil in this part of Kazakhstan and these results open up an area of substantial potential in our Akkulka and KulBas blocks where we have further attractive prospects,” said Chief Executive of Tethys David Robson.


The company said that the quality of the produced oil boded well for the development of the discovery, as did the shallow depth of the producing zones, expecting to achieve higher flow rates with bigger production tubing and more surface storage.


“It is still too early to assess the full potential of this exploration oil discovery but the initial results are very promising and we look forward to an exciting appraisal program and ultimately the development of this discovery,” added Robson.


Tethys’ plans for the appraisal of the Doris prospect include appraisal drilling and further seismic surveys.  The company said that the results of the AKD01 well significantly improved the exploration potential of four similar prospects mapped in the Akkulka and Kul-Bas block in proximity of Doris.


A limited trucking operation has already commenced and the oil from the well is currently being sold to local traders, who collect oil from the site for use in the local market. Further production testing on the AKD01 is planned, which will give a better understanding of the well’s potential and will assist in development planning.


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.


Back in December, the company received final governmental approval for the Akkulka gas production contract in Kazakhstan, giving it exclusive rights in the production contract area for an initial period of nine years to cover phase 2 of the Kyzyloi/Akkulka gas development and pave way for gas sales. The initial planned gas flow rate from the area is 20 mmcfpd (million cubic feet per day), or 560,000 cmpd (cubic metres per day) of natural gas.


The company’s principal asset in Tajikistan is the Bokhtar production sharing contract (PSC), covering an area of 34,785 sq km (square kilometres) or 8.6 million a (acres), including almost the entire Tajik portion of the Afghan-Tajik basin, which is the eastward portion of the prolific Amu Darya basin.

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