Tethys Plans to Spend $20M on E&P in 2H 2013

Kazakhstan-focused Tethys Petroleum said Wednesday that it plans to spend $20.4 million on exploration and production activities during the second half of 2013.

Issuing a statement outlining its work program, Tethys said it would spud its AKD08 well, located to the southwest of the producing Doris field, in August. The well will target both Upper Jurassic Carbonate and Lower Cretaceous sandstone sequences, as proven in Doris, with the Doto prospect estimated to hold 22 million barrels of un-risked recoverable oil resources.

Tethys plans to drill further oil exploration wells after it receives the results from Doto, and carry out a testing program on several suspended oil wells.

Meanwhile it plans to conduct workovers on two gas wells and drill five new shallow gas wells near the Akkulka Block.

The firm's Kalypso well on the Kul-Bas Block will be stimulated and tested in the third quarter, while a 2D seismic program is also being prepared for the Kul-Bas Block during the second half.

Tethys also plans 3D seismic in the near future on the Akkulka Block.

Tethys Executive Chairman Dr David Robson commented in a company statement:

"The second half of the year will see us implement a busy and active program in Kazakhstan. The combination of new exploration, testing of existing wells and workovers will move Tethys closer to exploiting the high potential of its gas and liquids portfolio, at a modest cost for shareholders. Further seismic will help us improve subsurface understanding in Kul-Bas and Akkulka to focus our longer-term program as we continue to be excited by the upside and prospectivity of the area."


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