BOZOI, KAZAKHSTAN, Nov 15, 2011 (MARKETWIRE via COMTEX) —
Tethys Petroleum Limited (“Tethys” or the “Company”) (TSX: TPL)(LSE: TPL) today announced that the Cretaceous sand interval on the AKD06 Doris appraisal well had tested oil at a rate of over 4,300 barrels of oil (“bopd”) per day.
“This is a very successful appraisal of the Doris discovery and once again shows the good flow potential of the Cretaceous sandstone reservoir. This is an excellent result and bodes well for the further development of Doris,” commented Graham Wall, Chief Operating Officer of Tethys.
A 5 metre interval (2,165 metres to 2,170 metres) of the Cretaceous sand flowed at a rate of 4,304 bopd on a 26 mm (66/64″) choke with a flowing tubing head pressure of 12.7 atmospheres (186 psi). The oil was light with a gravity of 0.8 SG (45 degrees API). Flow was restricted for safety reasons but data indicates that the absolute open flow potential is in excess of 6,000 bopd. The well is now tied into the test production facilities and further testing is planned in addition to placing the well on long-term test production.
Tethys is focused on oil and gas exploration and production activities in Central Asia with activities currently in the Republics of Kazakhstan, Tajikistan and Uzbekistan. 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. See our Annual Information Form for the year ended December 31, 2010 for a description of risks and uncertainties relevant to our business, including our exploration activities. (which are incorporated herein by reference). The “forward looking statements” contained herein speak only as of the date of this press release and, unless required by applicable law, the Company undertakes no obligation to publicly update or revise such information, whether as a result of new information, future events or otherwise. The information presented in this press release on the testing of the AKD06 well is based on initial data and observations and measurements at the wellsite as well as preliminary analysis.
For more information please contact:
Tethys Petroleum Limited
Vice President Investor Relations
Office: +1 416 572 2065
+1 416 572 2201 (FAX)
Mobile site: m.tethyspetroleum.com
In Europe: Tethys Petroleum Limited
Vice President Corporate Communications
Office: +44 1481 725911
+44 1481 725922 (FAX)
In Asia‐Pacific: Quam IR
Office phone/fax: +852 2217 2999
SOURCE: Tethys Petroleum Limited