Tethys Begins Drilling Exploration Well in Kazakhstan

Tethys Petroleum has commenced drilling the AKD03 (Dione) exploration well in Kazakhstan.

Tethys' ZJ70 rig Telesto has commenced drilling on an attractive exploration prospect which is located nearby to, and south-west of, the Doris oil discovery. This well is planned to target both the Cretaceous and Jurassic intervals where oil has been flowed in the Doris oil discovery at a combined rate of in excess of over 6,800 barrels of oil per day, and also plans to target the deeper Triassic and Permo-Carboniferous intervals that were not tested in the oil discovery well and are believed to have further potential. Further exploration drilling on the Akkulka block and on large surrounding Kul-Bas block is then planned.

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 first exploration well on the Dione exploration prospect which we are drilling with our own rig. With the nearby recent discovery this new prospect has now become considerably less risky due to the proved presence of oil in the area. I would like to thank our team for working efficiently to commence this well in a relatively short time frame."