Tethys Updates on Drilling Operations in Kazakhstan
Tethys Petroleum Limited (Tethys or the Company), the oil and gas exploration and production company focused on Central Asia and the Caspian Region, provided an update on its Kazakhstan drilling schedule previously announced as part of the Kazakhstan work program through 1Q 2014.
Extended and accelerated drilling program:
Dr David Robson, executive chairman and president of Tethys added: "We are excited to announce this accelerated and fully funded drilling program in Kazakhstan through the first half of 2014. Our world-class farm-out agreement in Tajikistan has enabled the Company to use these funds to accelerate our drilling program in Kazakhstan demonstrating the real synergies in our portfolio. The program is comprised of two oil exploration wells, including a deeper Triassic target, which are designed to unlock high potential prospects but represent limited risk due to their proximity to the already producing Doris field. The shallow gas exploration program is also relatively low risk given our impressive track-record in proving commerciality in the past. This combination of high impact and low risk opportunities offers our investors exposure to significant value creation in the coming months."
The AKD08 (Doto) and AKD09 (Dexa) wells will be drilled simultaneously providing significant cost savings and providing exposure to two potentially high impact prospects this year.
The AKD08 (Doto) exploration well is located to the south-west of the producing Doris field and north of the Dione oil discovery. It is designed to target several potential zones including the Lower Cretaceous sandstone and Upper Jurassic carbonate sequences as proven in Doris and, after significantly more interpretation being carried out over the summer, also the deeper Triassic sequence which had very good hydrocarbon shows in other wells in the near vicinity, including the AKD01 well (Doris oil discovery). Prospectivity may also exist in the Jurassic sandstone sequence which flowed oil in the Dione (AKD03) well. The Doto prospect has 22 million barrels gross mean unrisked recoverable prospective oil resources attributed to it (Gustavson & Associates) in the Cretaceous and Upper Jurassic sequences. The deeper Triassic sequence has not been independently assessed as yet and therefore the Company is unable to quote a reportable resource estimate for this horizon but the Company believes it to be an attractive prospect.
This well is planned to commence drilling operations in early September and is forecast to take approximately 70 days to drill to a planned total depth of 11,483 feet (3,500 meters) using Tethys' own ZJ70 "Telesto" rig.
The AKD09 (Dexa) exploration/appraisal well is located to the North-west of the producing Doris field and is designed to target Lower Cretaceous channel sandstone sequences similar to the current major producing unit in the Doris field. The Dexa prospect has 14 million barrels gross mean unrisked recoverable prospective oil resources attributed to it (Gustavson & Associates).
This well is planned to commence drilling operations at the end of September and is forecast to take approximately 45 - 50 days to drill to a planned total depth of 7.874 feet (2,400 meters) using Tethys' own ZJ30 "Tykhe" rig which is no longer needed in Tajikistan and is being mobilized from there.
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