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 restricts production at BST20 well in Tajikistan
Tethys Petroleum (TSE:TPL)(LON:TPL) said Monday it has restricted production at its BST20 well in Tajikistan after initial tests indicated possible communication with nearby wells.
The well, which is located at the Beshtentak field, initially tested rates over 600 barrels of oil per day (bopd). However, these tests had indicated that it was draining a separate fault compartment to nearby wells, like the BST103 well, which is producing gas from the Beshtentak field for the city of Kulob.
As a result, Tethys said it has opted to restrict production at BST20, where it intends to acquire additional data, ensuring that its wells do not adversely affect each other's production.
Meanwhile, two other workover candidates have been identified in other parts of the field - located away from existing production wells.
Tethys said these candidates have been interpreted to contain the remaining bypassed oil and gas. The company is progressing work on these wells, and said it plans to add one or two new high angle or horizontal crestal development wells, which could achieve higher production rates than the BST20 well.
At the Persea field, the PER01 well is cased and is awaiting production testing of the Alai zone. The zone is potentially hydrocarbon-bearing from the wireline logs run on the well. Production testing is expected to commence later this year.
Meanwhile, testing operations at EOL09 at East Olimtoi are continuing. Tethys said it plans to stimulate the Alai reservoir, as well as for the perforation of two other zones.
The coiled tubing unit that Tethys needs to carry out this work has arrived in country, but the company is still waiting for several other parts, which are still in transit. It expects to receive all necessary equipment and parts within the next two months.
Tethys also said it received initial analyses from the aerial graviometry survey that was conducted over the area covered by its Bokhtar production sharing contract (PSC). The survey revealed several attractive areas, confirming the presence of very large deep sub-salt prospects.
Further analysis is required to confirm the data, and to come up with a more detailed forward exploration plan.
As it mentioned previously, Tethys said it is searching for a farm-in partner to work with it on this high-potential, deep exploration program. Tethys currently owns an 85 percent interest in the Bokhtar PSC.
In Kazakhstan, weather improvements have allowed oil trucking to Emba to continue. Production is expected to average between 2,300 bopd and 2,500 bopd this month. Work on the rail-loading terminal is expected to be completed and officially inaugurated later this month. The terminal will allow for production to increase to about 4,000 bopd.
Tethys is an oil and gas exploration and production company with activities in Central Asia, focused on the Republics of Kazakhstan, Tajikistan and Uzbekistan.