Tethys Petroleum Limited: Drilling Completed on Fourth Well in Kazakh Gas Campaign
June 2, 2014 (Source: Marketwired) — Tethys (TSX:TPL)(LSE:TPL) is pleased to announce completion of drilling and logging of the AKK20 exploration well, the fourth well in its 2014 shallow gas drilling programme in Kazakhstan.
The well was drilled to a depth of 681 metres (2,234 feet) with hydrocarbon shows and electric logs indicating the presence of hydrocarbons within the target Tasaran sand, although testing will be required on this well to confirm commerciality. The well is located some 4.4 kilometres (2.76 miles) north of the AKK15 well which encountered a gas-bearing interval within the Tasaran which tested gas at a stable rate of approximately 195,000 cubic metres (7 million cubic feet or 1,167 barrels oil equivalent) per day.
Production casing is now being run and the well will be prepared for flow testing as part of a comprehensive testing programme, along with AKK17, AKK18 and AKK19, to commence later this month. The results of this programme will then be submitted to the State Committee for Reserves in order for the wells to be incorporated into the existing Akkulka Production Contract.
Tethys is focused on oil and gas exploration and production activities in Central Asia and the Caspian Region. 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 includes the start of a testing program, the inclusion of the wells in the Akkulka Production Contract and the commercialization of the wells. Such forward-looking statements reflect our current views with respect to future events and are subject to certain assumptions, including that testing of the wells will commence in June 2014 and that test results of the AKK17, AKK18, AKK19 and AKK20 wells will be consistent with expectations, and are subject to certain risks and uncertainties, including the risk that testing will be delayed and that limited discoveries will result from these wells. The indications of hydrocarbons observed in this well are no guarantee that the well will test or produce commercial quantities of hydrocarbons or indeed any hydrocarbons to surface. See our Annual Information Form for the year ended December 31, 2013 for a description of risks and uncertainties relevant to our business, including our exploration activities. 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.
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