Tethys Petroleum Limited provided an update on testing of the AKD07 well in Kazakhstan and seismic and production updates in Tajikistan.
AKD07 Exploration / Appraisal
At the AKD07 well, testing has now been temporarily suspended in the Jurassic carbonate whilst further options are being evaluated, one of which is to bring in a pump to lift the well. During the initial testing of this zone no formation oil was recovered after perforating, although hydrocarbons were indicated from the wireline logs. Further extraction of formation fluids is required to fully ascertain the oil potential of the Jurassic carbonate potentially requiring pumping and/or acidization. Currently no pump is available and as such there
Further exploration / appraisal targets in the greater Doris area are currently being finalized for drilling in 2013.
Production/Transportation - Aral Oil Terminal
In the second quarter commercial oil sales commenced through the Aral Oil Terminal (the "AOT"), owned by Tethys and a 50% partner, which effectively halved the oil trucking distance and provided better control over the oil sales chain. Production has steadily increased over a period as each part of the sales chain was optimized.
AOT Phase 2 construction that will allow an increase in throughput capacity from 4,200 barrels of oil per day ("bopd") up to 6,300 bopd is now complete with the installation of two 1,000 cubic meter tanks (approximately 12,500 barrels), associated dehydration and pumping equipment. It is expected that both the working and State Commissions approvals will be finalized by the end of November. Current production from the Doris field has increased steadily and is currently averaging approximately 4,000 bopd.
With the current well stock it is forecast that a production rate of at least 4,500 bopd can be achieved on a continual basis. Higher rates can be achieved but it is believed that these rates are most optimal for this reservoir with the current wells.
In recent news from Kazakhstan it is reported in a press release that the French oil and gas company, Total S.A. has acquired a 75% stake in two onshore exploration blocks which are next to and adjacent to the Tethys Kul-Bas acreage in the North Ustyurt basin near the Aral Sea. The press release states that Total will acquire seismic data and drill a well in 2013.
Tajikistan - Seismic/Production
The Tajik Resource Report, independently produced by Gustavson Associates, calculated a total gross mean unrisked recoverable prospective resource of 27.5 billion barrels of oil equivalent across the Bokhtar Production Sharing Contract ("Bokhtar PSC") Contract Area.
The current 541 miles (870 kilometer) 2D seismic data survey that commenced in late August is ongoing. This survey is designed to target some of the prospective areas seen on previous regional seismic, magnetic, and gravity surveys as having potential for deeper potentially prolific reservoirs such as Lower Cretaceous sandstones and sub-salt Jurassic carbonates.
Now active in the Vaksh valley, the survey is progressing well and over 37% of the field data have already been acquired and processing is underway. Initial interpretation will start this year in order to map potential drilling locations.
It is expected that this new seismic program will further confirm the high potential in the Tethys PSC acreage. Tethys owns an 85% interest in the Bokhtar PSC (through its subsidiary Kulob Petroleum Limited).
Tethys has recently announced that Kulob Petroleum Limited has signed a Memorandum of Understanding to execute a farmout agreement on the Bokhtar PSC with the aim of concluding the agreement by year-end. The potential acquiring party is an international oil and gas company ("IOC").
Further work on the Beshtentak Field has been carried out in light of the initial success of the workover on the BST20 well which is currently producing approximately 225 bopd. Testing of the BST65 well (a similar well to the BST20 well) in the northern part of the field is ongoing, with results expected later this month.
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