Tethys Encouraged by Kazakh Well's Flow Rate
Tethys reported the initial results of testing on the upper zone of the AKD01 oil discovery in Kazakhstan. The upper zone flowed oil at a restricted rate of over 5,400 barrels per day. Combined with the recent testing on the lower zone the AKD01 well has now flowed oil at a combined rate in excess of 6,800 barrels per day.
"The test results on the upper zone of AKD01 show tremendous potential," commented Dr. David Robson, CEO of Tethys. "Together with the positive results on the testing of the lower zone combined production rates are extremely encouraging and this discovery marks a significant step forward in the Company's development. We believe this is the first oil discovery in this part of Kazakhstan and these results open up an area of substantial potential in our Akkulka and Kul-Bas blocks where we have further attractive prospects.
"Reservoir quality in the upper zone appears very good as does the quality of the produced oil which bodes well for the development of this discovery, as well as the relatively shallow depth of the producing zones. With bigger production tubing and more surface storage it is likely that significantly higher flow rates could be achieved. It is still too early to assess the full potential of this exploration oil discovery but the initial results are very promising and we look forward to an exciting appraisal program and ultimately the development of this discovery."
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