Tethys Petroleum (LON:TPL,TSE:TPL) has almost doubled proved oil and gas and seen a 45 per cent increase in probable reserves at its acreage in Kazakhstan.
group added it is also targeting a new exploration prospect named
"Dyna" that may be part of a different, larger sand fan system.
prospective resource for this new target will be disclosed after the
completion of a new independent Kazakhstan Resource Report, which is
expected in the second quarter of 2012, Tethys added.
resources estimate consists of 14.5 million barrels of oil equivalent of
1P (proved) reserves, a 96 per cent increase, and 25.3 million barrels
of 2P (proved and probable) reserves, a 45 per cent improvement.
of that, proved oil reserves rose by 108 per cent to 5.8 million
barrels and probables by 62 per cent to 12.5 million barrels, while 1P
gas reserves rose by 89 per cent to 52.5 billion cubic feet and 2P gas
reserves by 31 per cent to 76.7 billion cubic feet.
the upgrade stemmed from the successful 2011 Kazakhstan drilling
campaign including the Doris appraisal wells AKD05 and AKD06 and the
successful AKD03 exploration well, which discovered the Dione field.
added that the next appraisal well, AKD07, is expected to spud in and
will be located to the south-east of the original AKD01 discovery well
and will target 3P reserves at the Cretaceous Aptian sand level in what
is believed to be a channel sand system.
Dr David Robson, Tethys’
chief executive, said: "The 2011 drilling programme was focused on two
things, increasing 2P reserves and also ensuring sufficient oil
production was available to meet our production targets. This programme
has successfully met both objectives.
“We are still in the early
stages of appraising and exploring this attractive oil discovery and we
look forward to further success with this year's programme based on our
new seismic analysis and better geological understanding of the area."