DUSHANBE, TAJIKISTAN, Feb 09, 2012 (MARKETWIRE via COMTEX) –Tethys Petroleum Limited (“Tethys” or the “Company”) (TSX: TPL)(LSE: TPL) announced the issue of a tender for the final stage seismic program in Tajikistan which when complete will identify the location for the first deep pre-salt well to be drilled by Tethys. Tethys also updated on its deep exploration strategy in Tajikistan.
The initial analysis of the data from the aerial graviometry survey completed at the end of 2011 has revealed several attractive prospective areas with the potential presence of very large deep sub-salt and sub-thrust prospects within the Bokhtar Production Sharing Contract (“PSC”) Area. This additional seismic will target these areas and provide the final data in a comprehensive program to optimally locate a deep well. It is expected that this data will be acquired this summer with initial interpreted results in Q4 2012. It is also expected that Tethys’ large drilling rig “Telesto” will be mobilized to Tajikistan before the end of this year in order to drill this well.
The seismic program will involve the acquisition of approximately 870km of new 2D seismic in two areas; the Dushanbe Step and the Vaksh valley. The program has been designed to target these areas as the graviometry survey has identified them to be the most likely to contain large deep prospects including potential Jurassic reefs located on the edge of likely Permian basement high features. Jurassic reefs form some of the most prolific fields in the Amu Darya basin and no wells have ever been drilled through the overlying salt layer in Tajikistan to date. The data also reveals significant potential in other parts of the PSC Area, including the Kulob area, however it has been decided to focus on the Dushanbe Step and the Vaksh valley initially.
It is expected that this seismic program will further demonstrate the high potential in the Tethys PSC acreage. Tethys now owns an 85% interest in the Bokhtar PSC following the recent acquisition of an additional 34% interest from its partner in the project.
Background: Strategy in Tajikistan
The primary strategy in Tajikistan is to complete a comprehensive geological and geophysical data gathering exercise with the intention of locating and drilling the first deep exploration well below the regional salt layer. This deep well will target very large prospective resources, as set out in the independent resource report. These prospects have never been drilled before in Tajikistan but are prolific producers from the same reservoirs in the adjacent countries including Turkmenistan.
This programme is firmly on track and consists of the following:
-- In 2008, Tethys obtained and analysed the State geophysical information and well data of the shallower drilling that had been undertaken in the Soviet period and compiled an extensive database, which was combined with a regional geological model built in-house. -- In 2009-10, Tethys designed and acquired a regional 2D seismic program whereby 693km of good quality 2D seismic was obtained and interpreted. -- In 2011, Tethys carried out an aeromagnetic graviometry survey over more than half of the PSC Area. This data complements the acquired seismic data, State geophysical information and well data. -- In 2012, following on from the results of the aeromagnetic graviometry survey, it is now planned to acquire focused 2D seismic data over key prospective areas with the intention of identifying the location for the first deep well. Mobilisation of the drilling rig to Tajikistan is expected before the end of this year.
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, the risk that the Company may be unable to complete its data and drilling programs within the timeframes contemplated.
Tethys Petroleum Limited
Sabin Rossi, – All Investor Queries
Vice President Investor Relations
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Tethys Petroleum Limited
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Vice President Corporate Communications
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Corporate Brokers:
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Tethys Petroleum Limited
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SOURCE: Tethys Petroleum Limited