Tethys Reports Kazakh Well AKD07 Shows Hydrocarbon Potential

Central Asia-focused Tethys Petroleum announced Friday that results from its recently drilled exploration well AKD07 on the Akkulka Block in Kazakhstan show the potential for hydrocarbons.

Tethys reported that initial drilling and electric log results show there might be hydrocarbons in the Jurassic limestone sequence and lower down in a thin Jurassic sandstone near the current total depth of the well of 8,480 feet. Drilling is now planned to restart on the well towards a planned total depth of 9,020 feet in order to more fully assess the potential hydrocarbon-bearing zones in the Upper Jurassic sand sequence.

The Upper Jurassic limestone interval (which tested at 1,373 barrels of oil per day in well AKD01 and 1,568 bopd in well AKD05, where it is completed as a producer), both just over a mile away, has a gross thickness of around 70 feet. Drilling and wireline log data indicate moveable hydrocarbons within this zone. This is approximately 98 feet deeper than the previous lowest known oil in the nearby wells within that horizon and, if confirmed to be oil bearing, would significantly increase the potential reserves at this level.

Tethys Executive Chairman David Robson described the potential for oil in the Jurassic limestone and sandstone sequence as "encouraging".

"The good quality of the sheet and channel sands is also positive for further exploration in the area despite the trapping mechanism not working at this location," added Robson.

"We will obviously continue to assess this well as we drill towards the final TD and also assess the other prospects in the area. In parallel with this we are working hard to improve the efficiency of our oil export system and at reducing our cost base in Kazakhstan to more economically develop the Doris oilfield and adjacent deposits."



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