Tethys Spuds Akkulka Deep Well in Kazakhstan

Tethys has announced the commencement of exploration well AKD01 in its Akkulka Exploration Block in Kazakhstan.

The deep exploration well AKD01 is targeting large prospective resources of oil, gas and/or condensate in the Jurassic/Triassic and is being drilled with Tethys's own rig "Telesto". It is planned to drill and case the first section, whereupon an international service company may be employed to provide support services to finish the well, which is planned to take approximately 120 operational days.

Tethys believes that there is significant potential for oil, gas and/or condensate deposits in the deeper Jurassic and Triassic syn-rift sequences on the flanks of large structural highs ("flank" plays). Within the Akkulka and Kul-Bas Blocks seismic re-interpretation of existing data has indicated that there are several large prospects which have been independently verified. Mapping of the deeper structure was completed utilizing both recently acquired surface seismic data and VSP data acquired in the existing G6 well. A robust structure was identified founded on an old high, to the south east of the proven shallow gas fields of Kyzyloi and Akkulka and is less faulted than the main high under these fields. The well is planned to drill to a total depth ("TD") of 14,760ft (4,500m) and will target lower Jurassic and Triassic sandstones.

Luka Chachibaia, Vice President Operations of Tethys commented, "The spudding of the AKD01 well marks the end of months of preparation by our operations team, and the beginning of the drilling of a very exciting deep prospect for Tethys. We look forward to finishing this well and testing the large potential in the deeper horizons of our contract areas and hopefully replicating the success we have had in exploring the shallower horizons."