Tethys Receives Boost in Kazakh Resource Report
Tethys Petroleum has received an updated oil Resource Report for its Kazakhstan assets that estimates gross unrisked recoverable mean prospective oil resources of 1.17 billion barrels of oil. The resource report also shows a substantial amount of prospective gas resources.
- Mean unrisked recoverable prospective resources of 1.17 billion barrels (Bbbls) of oil
- Upgrade due to additional 2D and 3D seismic acquisition and interpretation as well as drilling data
- Chance of Success increased due to drilling success in the area
- Dyna exploration prospect (128 million barrels mean unrisked recoverable prospective resources) to be tested with the AKD07 well)
- Recent two-year extension to Akkulka Exploration Contract
- In addition to these oil resources there is additional associated mean unrisked gas prospective resources of 231 BCF and also separate non-associated gas prospective gas resources of 374 BCF
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.
Continued drilling campaign
The next appraisal/exploration well, AKD07, is expected to spud mid-year 2012 and will be located to the south-east of the original AKD01 (Doris) discovery well and will target 3P reserves at the Cretaceous Aptian sand level in what is believed to be a channel sand system, whilst simultaneously targeting the Dyna Prospect (128 Million barrels mean unrisked Prospective Resources) which is shallower and is interpreted to be part of a different, larger sand fan system. It is also targeting a third target, a Jurassic sand similar to the horizon that tested oil in the AKD03 exploration well. To date, over 13,000 bopd have been tested from exploration and appraisal wells in and around the Doris oil discovery.
Dr. David Robson, Chairman, President and Chief Executive Officer of Tethys, added: "We are extremely pleased with this significant increase in our estimated oil resources in Kazakhstan. With oil production forecast to steadily increase this year following the upgrade to the Aral Oil terminal, we believe that our strong and growing cash flow and upside in these large exploration targets provides a well-balanced development and exploration portfolio. Furthermore one of these exciting prospects will be drilled in the near future with the AKD07 appraisal/exploration well."
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