FlagThe Kul-Bas Exploration and Production Contract area surrounds the Akkulka Block. This large area remains underexplored and has very prospective exploration.

The Kulā€Bas block is a large exploration area of approximately 7,632 sq. km. There was already reasonable seismic coverage over the area and the Company had reprocessed these vintage data as well as acquiring and interpreting over 700 km of new 2D seismic data here and in the Akkulka block identifying several prospects at both shallow and deep levels. The Kalypso (KBD-01) wildcat exploration well was the first deeper exploration well drilled by Tethys on this block. The well, drilled in 2011, is located on a large structure some 50 km to the north west of the Doris oil field in the Akkulka block which produced over 4 million barrels of oil. Electric logs indicate two potential Jurassic targets and some potential 100m of gross pay from a depth of 4,128 metres in what is interpreted to be Permo-Carboniferous limestones. The well was unable to be completed due to technical issues.

The company also identified the “Klymene” prospect which is located to the west of the producing assets in the Akkulka block. The prospect was identified from acquired and interpreted seismic data and indicated a four-way closure with bright spots at 2 of 3 prospective stratigraphic levels within the Cretaceous and Jurassic sequence, both of which have been productive in the Company’s Doris oilfield some 60 km to the east. The Klymene prospect has the potential to be an order of magnitude bigger than the Doris oil field and surrounding prospects in the Akkulka block (the geographical area of the prospect is up to ten times the areal extent of the Doris oil field).

The Klymene (KBD-02) exploration well was drilled to a depth of 2,750 metres in December 2019. The well was tested from April to December 2020 producing over 380,000 barrels of oil at rates of up to 4,000 bopd from three productive zones.

Subject to Tethys securing financing, the company is planning to drill four wells in 2021 in the Kul-Bas field at distances of approximately 500-2000 meters away from KBD-02 (KBD-03, KBD-06, KBD-07, and KBD-08).