Tethys Spuds Kazakh Appraisal Well

Tethys Petroleum has commenced drilling the AKD02 appraisal well in Kazakhstan.

The AKD02 appraisal well is the first appraisal well of the AKD01 (Doris) oil discovery that flowed at a rate of 6,800 barrels of oil per day ("bopd") and will provide valuable further information on the size of the new oil field. It is planned to drill at least two appraisal wells on the Doris oil discovery to evaluate and establish the size and potential of the discovery and also to provide the necessary data to obtain a production contract. These wells will be extensively evaluated with coring, detailed geophysical logging and testing. A further appraisal well may also be drilled if deemed necessary after evaluating the results of the first two wells.

Luka Chachibaia, Project Manager of the Company's Kazakh Oil Exploration Development Team, commented, " We are very pleased that we have commenced drilling on this important appraisal well on schedule. This well will go some way to assessing the full size of what we believe to be a substantial oil field and we look forward to the results in Mid-2010."

In addition Tethys plans to carry out a 3D seismic survey over the Doris discovery and shoot additional targeted 2D seismic lines to firm up further potential in the area. Four separate bids to carry out the seismic work have now been received and the contract will be awarded later this week with the seismic planned to commence late May/early June.

In addition to the Doris oil discovery Tethys has identified several other exploration prospects in the area which appear similar to Doris and now that a hydrocarbon system has been proven at the deeper levels the risk on these prospects is reduced significantly. The Company's ZJ70 rig "Telesto" is fully rigged down and ready for transportation from the AKD01 location to a prospect located to the south-west (named "Dione") to drill the AKD03 exploration well. Drilling is also planned on the "Daphne" exploration prospect further west. The AKD03 well is expected to commence operations in early May and is planned to target both the Cretaceous and Jurassic intervals where oil has been flowed in the Doris oil discovery, and also the deeper Triassic and Permo-Carboniferous intervals that have further potential. Further exploration drilling on the large surrounding Kul-Bas block is also planned.



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