Tethys Petroleum Limited

Tethys Petroleum Limited

October 18, 2012 02:00 ET

Tethys Petroleum Limited: AKD07 to be Tested

BOZOI, KAZAKHSTAN--(Marketwire - Oct. 18, 2012) - Tethys Petroleum Limited (TSX:TPL)(LSE:TPL) today announced that it had reached a Total Depth ("TD") of 2,750 metres on the AKD07 exploration/appraisal well and has now run the production liner in order to test the Jurassic carbonate zone which appears to be oil bearing from the drilling and wireline log results.

The results of the TD logging confirm those of the previous wireline logging indicating potential oil in the Jurassic carbonate some 30 metres deeper than the previous lowest known oil encountered in the area. This interval is now to be production tested using a staged approach. A positive test could result in a significant upgrade in reserves in this zone in the Doris oil field area and provide further appraisal/development targets at this level.

In the remainder of the well down to TD, there were a number of sands encountered with limited hydrocarbon indications. However, these zones are likely too thin to contribute commercial production and, as such, will not be tested. It is expected that the initial test results for the Jurassic carbonate zone will be available within the next month.

The well was drilled and completed significantly quicker than originally projected.

Tethys is focused on oil and gas exploration and production activities in Central Asia with activities currently in the Republics of Kazakhstan, Tajikistan and Uzbekistan. This highly prolific oil and gas area is rapidly developing and Tethys believes that significant potential exists in both exploration and in discovered deposits.

This press release contains "forward-looking information" which may include, but is not limited to, statements with respect to our operations. Such forward-looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions. See our Annual Information Form for the year ended December 31, 2011 for a description of risks and uncertainties relevant to our business, including our exploration activities.

Contact Information

  • North America
    Sabin Rossi - All Investor Queries
    Vice President Investor Relations
    Office: +1 416-941-1257
    +1 416-947-0167 (FAX)

    Veronica Zhuvaghena - All Media Queries
    Vice President Corporate Communications
    Office: +44 1481 725911
    +44 1481 725922 (FAX)

    Corporate Brokers:
    Hugh Sanderson / David Van Erp
    Office: + 44 207 448 0200

    Seymour Pierce
    Richard Redmayne / Jonathan Wright / Stewart Dickson
    Office: +44 207 107 8000

    Asia Pacific: Quam IR
    Anita Wan
    Office phone/fax: +852 2217 2999

    FTI Consulting
    Ben Brewerton / Edward Westropp
    Office: +44 207 831 3113

    Tethys Petroleum Limited
    Mobile site: http://m.tethyspetroleum.com