GRAND CAYMAN, CAYMAN ISLANDS–(June 2, 2017) – Tethys Petroleum Limited (“Tethys” or the “Company”) (TSX:TPL) today announces that it has successfully completed the installation of an Electrical Submersible Pump (“ESP”) in its main oil producing well, AKD-01.
AKD-01 has been producing under natural pressure since first oil in September 2010 and to date has produced approximately three million barrels of oil. Production from AKD-01 has experienced a natural decline and was producing an average of approximately 700 bopd until the well was shut-in for the ESP to be installed. The ESP is intended to significantly increase oil production for the remaining life of the well and it is anticipated that initial production rates could be up to 2,500 bopd.
The installation of the ESP is the first stage in the Company’s 2017 plans to enhance oil and gas production from existing wells alongside the previously announced shallow gas well drilling programme.
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.
Some of the statements in this document are forward-looking. Forward-looking statements include statements regarding the intent, belief and current expectations of the Company or its officers with respect to the potential that exists in both exploration and in discovered deposits in Central Asia and the Caspian Region, the intention to significantly increase oil production using the ESP, anticipated production rates of up to 2,500 bopd and plans to enhance oil and gas production from existing wells and the shallow gas well drilling programme. When used in this document, the words “expects,” “believes,” “anticipates,” “plans,” “may,” “will,” “should” and similar expressions, and the negatives thereof, are intended to identify forward-looking statements. Such statements are not promises or guarantees, and are subject to risks and uncertainties that could cause actual outcomes to differ materially from those suggested by any such statements including risks and uncertainties with respect to the potential that exists in both exploration and in discovered deposits in Central Asia and the Caspian Region, the intention to significantly increase oil production using the ESP, anticipated production rates of up to 2,500 bopd and plans to enhance oil and gas production from existing wells and the shallow gas well drilling programme.
No part of this announcement constitutes, or shall be taken to constitute, an invitation or inducement to invest in the Company or any other entity and shareholders of the Company are cautioned not to place undue reliance on the forward-looking statements. Save as required by applicable law, the Company does not undertake to update or change any forward-looking statements to reflect events occurring after the date of this announcement.