Tethys Petroleum Limited (Tethys or the Company) announced Friday it has received an updated Oil Resource Report for a new prospect in Kazakhstan with total Unrisked Mean Recoverable Oil Resources being estimated independently at over 400 million barrels.
The report was commissioned on the "Klymene" prospect which is located in the Kul-Bas Exploration and Production Contract to the west of the current producing assets in the Akkulka Exploration Contract. The prospect was identified from recently acquired and interpreted seismic and indicates a four-way closure with bright spots at 2 of 3 prospective stratigraphic levels within the Cretaceous and Jurassic sequence, both of which are productive in the Company's Doris oilfield some 37 miles (60 kilometers) to the east.
Additional regional geophysical work carried out by Tethys and other companies operating in the region has concluded the source for the oil filled structures of Tethys' producing assets is most likely to the south-west of the acreage which means structures in the west of Tethys' acreage are equally likely to hold oil than those in the east. This work led to the recent additional seismic being acquired in the western areas and the identification of this new prospect.
The report estimates gross Unrisked Mean Prospective Recoverable Oil Resources for the Klymene prospect totaling some 422 million barrels of oil. This prospect will be tested with a new exploration well to be spudded mid-year 2014.
The resource report was prepared by Gustavson Associates of the United States and has been prepared in accordance with the reporting requirements of NI 51-101 adopted by Canadian securities regulatory authorities.
Rosemary Johnson-Sabine, vice president Exploration of Tethys commented, "We are very pleased to have Gustavson confirm the potential of these additional prospective resources attributed to our new exploration prospect Kylmene identified from recently acquired and interpreted seismic work. This will be the first prospect drilled to the west of our current producing assets, and is in an area that we regard as having good potential. We look forward to commencing drilling of this well mid-year."
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.
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