Tuesday, 13 November 2012

Tethys Petroleum updates on Kazakhstan and Tajikistan operations

Tethys Petroleum (TSE:TPL)(LON:TPL) provided Tuesday an update on testing of the AKD07 well in Kazakhstan, as well as on seismic and production in Tajikistan. 
In Kazakhstan, the Central Asia-focused oil and gas explorer said testing has now been temporarily suspended in the Jurassic carbonate of the AKD07 well, as further options are being evaluated - one of which is to bring in a pump to lift the well.              
During the initial testing of this zone, no formation oil was recovered after perforating, although hydrocarbons were indicated from the wireline logs. 
The company said that further extraction of formation fluids is required to fully understand the oil potential of the Jurassic carbonate, potentially requiring pumping and/or acidization. 
Currently, no pump is available and as such, there are no immediate plans for such testing. An ongoing review of this well, and others previously drilled in the Jurassic carbonate, has indicated that oil production "may be possible from wells in this horizon", Tethys said, which have previously shown inconclusive results. 
"These wells may be tested as part of an integrated pumping programme at a convenient time, a technique that has had some success with the AKD05 well that is producing oil with the use of a progressive cavity pump (PCP)," the oil and gas company said in a statement. 
Also in well AKD07, final log results from the well indicated the "Dyna" sheet sand was present and of "good quality" but does not appear to have any moveable hydrocarbons, the company noted. 
Meanwhile, the "Doris" channel sand is now interpreted as being absent. Tethys said the downdip extension of the Doris channel sand still remains to be found with the reservoir sand geometry within the floodplain and proven oil system still to be fully delineated.             
Further exploration and appraisal targets in the greater Doris area are currently being finalized for drilling in 2013.               
With regards to its Aral oil terminal, owned by Tethys and a 50 per cent partner, the company said commercial oil sales started through this terminal in the second quarter, effectively halving the oil trucking distance and providing better control over the oil sales chain. 
Production has steadily increased through optimization, and phase 2 construction is now complete, allowing an increase in throughput capacity from 4,200 barrels of oil per day (bopd), up to 6,300 bopd.                 
It is expected that both the working and State Commissions approvals will be finalized by the end of November. Current production from the Doris field is averaging around 4,000 bopd, with a forecast production rate of at least 4,500 bopd.            
And in Tajikistan, a resource report independently produced by Gustavson Associates calculated a total gross mean unrisked recoverable prospective resource of 27.5 billion barrels of oil equivalent across the Bokhtar production sharing contract (PSC) area.                
A current 870 kilometre 2D seismic survey that started in late August is ongoing, and is designed to target some of the prospective areas seen on previous regional, seismic, magnetic, and gravity surveys. 
Now active in the Vaksh valley, the survey is progressing well, Tethys said, with over 37 per cent of the field data already acquired and processing underway. Initial interpretation will start this year in order to map potential drilling locations, the company added. 
This new seismic program is expected to further confirm the potential in the Tethys PSC acreage. Tethys owns an 85 per cent interest in the Bokhtar PSC. 
The company recently announced that it has signed a memorandum of understanding with an international oil and gas company for a farmout agreement on the area, with the aim of wrapping up the deal by the end of the year. 
Elsewhere in Tajikistan, more work on the Beshtentak field has been carried out after the success on the workover of the BST20 well, which is now producing around 225 bopd. Testing of a similar well in the northern part of the field is underway, with results expected later this month. 
Tethys is exploring for oil and gas in the Republics of Kazakhstan, Tajikistan and Uzbekistan. 

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