GRAND CAYMAN, CAYMAN ISLANDS–(Marketwired – Jan. 13, 2015) – Tethys Petroleum Limited (TSX:TPL)(LSE:TPL) (“Tethys” or the “Company”) is pleased to announce that the new phase of gas production is on stream and is producing at more than double previous production.
Kazakhstan Shallow Gas Programme Update – Gas Production Doubles
Following the recent announcement of a new Gas Sales Contract, the next phase of shallow gas production is now on stream and production has more than doubled. This new production was achieved on schedule and has now been producing since the beginning of the year as levels have increased to the current daily production rate.
-- Gas production more than doubles -- 10-day average of 559 Mm3/d (19.7 Mscft/d) -- Planned further increase in production in Q2
The 2015 shallow Gas Programme officially commenced on January 1st as forecast. Gas is now flowing at a combined rate of 559 Mm3/d (19.7 Mscft/d) from 12 wells, a rate more than double the previous rate of 260 Mm3/d (9.1 Mscft/d) from a combination of existing wells along with some of those drilled and tested in 2014 (AKK17, 18 & 19) and previously drilled and tested wells (AKK15 &16) all tied-in on schedule. The recently installed dehydration system is performing well and expected to be commissioned by the State in the next month.
Additionally it is planned to increase production later in Q2 and Q3 2015 with two more previously tested wells being brought online and with further optimisation of existing compression.
Tethys is focused on oil and gas exploration and production activities in Central Asia and the Caspian Region. 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”. Such forward-looking statements reflect our current views with respect to future events, including the plan to increase production later in Q2 and Q3 2015 with two more previously tested wells being brought online and further optimization of exiting compression and the significant potential of exploration and discovered deposits. The forward looking statements are based on the following assumptions that production will increase later in Q2 and Q3 2015 from two more previously tested wells being brought online and from further optimization of existing compression. These forward looking statements are subject to a number of risks and uncertainties. See our Annual Information Form for the year ended December 31, 2013 for a description of risks and uncertainties relevant to our business, including our exploration activities. 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Tethys Investor Relations
Tethys Petroleum Limited
Vice President Investor Relations
Source: Tethys Petroleum Limited