Tethys Petroleum Limited's strategy is to create shareholder value by building an oil and gas exploration and production company focused on Central Asia in areas with substantial oil and gas potential, building on the strengths of its management team and with a mix of short-term cash flow and upside potential. Currently Tethys has projects in Kazakhstan, Tajikistan and most recently Uzbekistan. Tethys is listed on the Toronto Stock Exchange in Canada and on the Kazakhstan Stock Exchange (KASE: GG_TPL_)
Tethys reports positive initial results from AKDO6 Doris well in Kazakhstan
Oil and gas producer Tethys Petroleum (TSE:TPL) reported on Monday that initial results from the AKDO6 Doris appraisal well in Kazakhstan found oil in both the Cretaceous sandstone and Jurassic limestone reservoirs, both slightly above prognosis.
The company said that drilling data and wireline logs indicated the oil in the Cretaceous sandstone was encountered above prognosis, and at a higher elevation than in the AKD01 Doris discovery well.
Tethys added the oil is of "good quality" and has similar net pay thickness to AKD01, which flowed over 5,400 barrels of oil per day from this unit.
The AKD01 is the first deep exploration well drilled under the Akkulka exploration contract on the Akkulka block, and has tested oil at over 6,800 barrels of oil per day.
Meanwhile, the Jurassic limestone was also tested above prognosis and slightly higher compared to the AKD01 well, with similar character to the recently drilled AKD05 well, which flowed over 1,500 barrels of oil per day from this zone.
Currently, further analysis of initial results is underway, the company said.
Tethys also said in a statement that production liner has been installed and cemented as the company plans to gather more geophysical data to tie the AKDO6 well into a new 3-D seismic dataset.
The well will then be tied into the test production facility, with two production tests planned on the reservoir units. Testing is expected to start in the next month.
Tethys Petroleum is focused on oil and gas exploration and production activities in Central Asia, with activities in the Republics of Tajikistan, Kazakhstan and Uzbekistan.
Shares of Tethys closed Friday at 55 cents on the Toronto Stock Exchange.