Wednesday, 19 June 2013

Tethys Petroleum set for busy and active programme in Kazakhstan

Tethys Petroleum (LON:TPL) says it is set for a busy and active programme in Kazakhstan in the second half of this year.
In August it will drill the AKD08, or Doto, well. Thereafter more wells are planned as well, included as many as five shallow gas wells near the Akkulka block.
The company will also carry out a testing programme on currently suspended wells. In the third quarter the Kalypso well will be stimulated and tested.
Meanwhile, two work-overs are planned for two gas wells.
The schedule also includes seismic work, with a 2D programme over the Kul-Bas block and 3D on the Akkulka block. According to Tethys the respective seismic programmes will improve the group’s understanding of the sub-surface and better focus the longer term work.
The company will also expand the Aral oil terminal to add an additional 12,500 barrels of storage capacity.
Overall this busy period of work will cost around US$20.4mln.
“The combination of new exploration, testing of existing wells and workovers will move Tethys closer to exploiting the high potential of its gas and liquids portfolio, at a modest cost for shareholders,” said chairman Dr David Robson.

“Further seismic will help us improve subsurface understanding in Kul-Bas and Akkulka to focus our longer-term programme as we continue to be excited by the upside and prospectivity of the area."

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