Tethys Finds Gas at AKK19 Exploration Well in Kazakhstan

Tethys Petroleum Limited (Tethys), the oil and gas exploration and production company focused on Central Asia and the Caspian Region, reported Thursday the success of Well AKK19, the third shallow gas exploration well of its 2014 program at the Kyzyloi and Akkulka development in Kazakhstan. Analysis of data from the well indicates it has a pay zone twice as thick as the AKK15 well which tested gas at a stable rate of approximately 7 million cubic feet (MMcf), or 195,000 cubic meters or 1,167 barrels oil equivalent per day, and the AKK19 well is anticipated to test at significantly more than that rate.

The AKK19 well was drilled to a depth of 2,624 feet (800 meters) some 3.1 miles (5 kilometers) south-east of AKK15 and encountered a 26 foot (8 meter) interval of gas bearing Tasaran sand with an average porosity of 30 percent. This compares favorably to the AKK15 well which encountered a 13.1 foot (4 meter) gas-bearing interval of similar quality, and which will be tied in as part of this year's program. The AKK19 well will now be cased and prepared for production testing later in the year in conjunction with the AKK17 and AKK18 wells in order to be cost effective with resources.

The current shallow gas program includes the drilling of up to 10 new exploration wells, based on the latest seismic data, as well as workovers and tie-ins, and is targeting a three fold increase in gas production by the beginning of 2015.

Graham Wall, Chief Operating Officer of Tethys commented, "This is a very good result and log indications would suggest we could test the well significantly in excess of the flow achieved from the AKK15 well. We now have three successes from the first three wells in this year's shallow gas program and continues to validate our geological model with further wells planned on similar targets in the vicinity."

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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