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Market: TSX
Sector: Oil & Gas Exploration & Production
Epic: TPL
News: Latest news
Web Site: Tethys Petroleum
Other Articles: 15-07-201030-06-201018-06-2010 
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Tethys Petroleum

Tethys Petroleum

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 the RFCA Exchange in Almaty, Kazakhstan.

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Tuesday, August 04, 2009

Tethys Petroleum gives update on major projects, says oil production in Uzbekistan up

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Tethys Petroleum Limited (TSX: TPL) today released an update on its projects in Kazakhstan, Uzbekistan and Tajikistan.

 

The company said the drilling of its first deep exploration well in Kazakhstan, where its licenses cover an area with estimated resources of up to 690 million barrels of oil equivalent, is underway. The Akkulka well is currently at a depth of 2,250 meters with Tethys targeting a total depth of between 3,400 and 4,500 meters.

 

Tethys also said that production from Phase 1 on the Kyzyloi field has resumed, currently producing 513 thousand cubic meters a day (Mcm/d), set to gradually increase to 566,000 Mcm/d.

 

The company is gearing up to start drilling on the Komsomolsk 200 well in the eastern part of Tajikistani Komsomolsk gas field where Tethys expects to find undeveloped gas. The East Olimtoi exploration well drilled by Tethys in Southern Tajikistan is currently at a depth of 2,604 meters, while Tethys is targeting a total depth in the range between 3,800 and 4,500 meters. The company has also been gathering seismic data from the Bokhtar PSC area.

 

Finally, Tethys said oil production in Uzbekistan was up significantly since the company took over the North Urtabulak project in April, having reached 2,065 barrels per day (bopd), of which Tethys keeps 1,031 bopd.

 

Tethys Petroleum is the only oil company to have operations in all three of these Central Asian countries.

 

The company, which has a quoted market value of C$57.85 million.

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