Tethys Petroleum (TSE:TPL) announced Thursday its Kalypso (KBD01) exploration well, located on the Kul-Bas block in Kazakhstan, approximately 50 kilometres northwest of its Doris oil discovery, has reached its total depth of 4,300 metres.
Electric log testing indicated that the well has been drilled into rock of Carboniferous age, with over 100 metres of gross potential hydrocarbon-bearing zones, and overlying Jurassic-aged rock.
Following the running of seven-inch liner for the well, and pending approval from Kazakh authorities, which Tethys said could take up to two months, it will begin a comprehensive testing program on both the Carboniferous and Jurassic intervals of the Kalypso well.
The Alibekmola oil field, located 250 kilometres north in the pre-Caspian Basin subsalt, produces from a similar Carboniferous shelf. Tethys said it is likely that its own Kalypso project, like the properties in the Alibekmola field, will require acidisation and possible fracture simulation to achieve optimal production.
However, it said it will evaluate these factors, among others, during the testing program.
In other news, Tethys said its AKD06 Doris appraisal well is drilling ahead of schedule, at a depth of 1,755 metres, toward the Aptian sandstone target.
Tethys is focused on oil and gas exploration and production activities in Central Asia, with activities currently in the Republics of Tajikistan, Kazakhstan and Uzbekistan.
Based in Toronto, Tethys' shares started the day a cent higher than Wednesday's close, but then came down to $0.51 per share as of 2:08 pm EDT.