Tethys to Test AKD07 Appraisal

Tethys Petroleum Limited announced that it had reached a Total Depth ("TD") of 9,022 feet (2,750 meters) on the AKD07 exploration/appraisal well and has now run the production liner in order to test the Jurassic carbonate zone which appears to be oil bearing from the drilling and wireline log results.

The results of the TD logging confirm those of the previous wireline logging indicating potential oil in the Jurassic carbonate some 30 meters deeper than the previous lowest known oil encountered in the area. This interval is now to be production tested using a staged approach. A positive test could result in a significant upgrade in reserves in this zone in the Doris oil field area and provide further appraisal/development targets at this level.

In the remainder of the well down to TD, there were a number of sands encountered with limited hydrocarbon indications. However, these zones are likely too thin to contribute commercial production and, as such, will not be tested. It is expected that the initial test results for the Jurassic carbonate zone will be available within the next month.

The well was drilled and completed significantly quicker than originally projected.


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