Tethys: Drilling On Kul-Bas Exploration Block Begins

Tethys Petroleum Limited announced commencement of drilling on Well KUL01, the first of the Company's exploration wells planned on the Kul-Bas exploration block (some 8,658 km2 or 2.14 million acres) which surrounds the Akkulka area on which Tethys has made several gas discoveries to date.

Well KUL01 is located 5.3 miles (8.6 km) to the south west of Bozoi village and to the north of the tie in point of the company's producing Kyzyloi gas field to the Bukhara-Urals trunkline system. The well is planned to be drilled to a total depth of 1,968 ft (600 m) targeting the shallow gas sands equivalent to the Kyzyloi sand units and potential deeper targets. It is expected that the well will take approximately six weeks to drill and complete as the Company intends to take core through the potential reservoir section on this well.

Rosemary Johnson-Sabine, Vice President Exploration of Tethys, commented, "As the first well on the Kul-Bas exploration block, Well KUL01 marks an important step forward in our exploration of this attractive area. We have recently acquired a significant amount of new seismic data over the block and we are carrying out detailed processing of this data to highlight potential shallow gas plays. As well as testing the objective, we intend to gather additional data from the KUL01 Well to assist with further evaluation of this exploration area on which we have plans to drill several additional wells this year."

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