Friday, April 11, 2008 – Bozoi, Kazakhstan – Tethys Petroleum Limited (“Tethys” or the “Company”) (TSX: TPL) today announced commencement of drilling on Well KUL01, the first of the Company’s exploration wells planned on the Kul-Bas exploration block (some 8,658 km2 or 2.14 million acres) which surrounds the Akkulka area on which Tethys has made several gas discoveries to date.
Well KUL01 is located 5.3 miles (8.6 km) to the south west of Bozoi village and to the north of the tie in point of the company’s producing Kyzyloi gas field to the Bukhara-Urals trunkline system. The well is planned to be drilled to a total depth of 1,968 ft (600 m) targeting the shallow gas sands equivalent to the Kyzyloi sand units and potential deeper targets. It is expected that the well will take approximately six weeks to drill and complete as the Company intends to take core through the potential reservoir section on this well.
Rosemary Johnson-Sabine, Vice President Exploration of Tethys, commented, “As the first well on the Kul-Bas exploration block, Well KUL01 marks an important step forward in our exploration of this attractive area. We have recently acquired a significant amount of new seismic data over the block and we are carrying out detailed processing of this data to highlight potential shallow gas plays. As well as testing the objective, we intend to gather additional data from the KUL01 Well to assist with further evaluation of this exploration area on which we have plans to drill several additional wells this year.”
Tethys is focused on oil and gas exploration and production activities in Central Asia with activities currently in the Republic of Kazakhstan and more recently the Republic of Tajikistan. This highly prolific oil and gas area is rapidly developing and Tethys believes that significant potential exists in both exploration and in discovered deposits.
This press release contains “forward-looking information” which may include, but is not limited to, statements with respect to our operations. Such forward looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions.
For more information please contact:
Vice President Investor Relations
Tethys Petroleum Limited
TD Canada Trust Tower
161 Bay Street, 27th Floor
Toronto N5J 2S1
Almaty, Samal 2 Business Center Satty
Office phone/fax: 2 72 88 67, 2 72 82 37, 2 72 77 45