DUSHANBE, TAJIKISTAN, Nov 03, 2010 (MARKETWIRE via COMTEX) —
Tethys Petroleum Limited (“Tethys” or the “Company”) (TSX: TPL) today provided a drilling update on the KOM201 exploration well in Tajikistan.
KOM201 has now reached a total measured depth of 2,456 meters (8,058 feet) in the interpreted Triassic sequence as planned. The well drilled through a thick sequence of Jurassic limestone of some 310 metres (1,007 feet) that appears to be gas-bearing with good gas shows, and up to 56% gas recorded at surface. The Company is in the process of completing the electric logs with initial results showing the reservoir has similar characteristics to other commercial gas wells in the area. It is expected to test the well later this month. An additional potential gas-bearing zone was encountered in the Cenamenian, which is also productive in the immediate area. This well is targeting the unexplored east part of the East Komsomolsk structure that has not been produced historically.
The KOM201 well is being drilled adjacent to the capital city of Dushanbe where there is a high demand for gas by local industry and the population. Currently the vast majority of gas consumed is being imported and the current price is $254 per thousand cubic metres ($7.19 per thousand cubic feet.)
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, 2009 for a description of risks and uncertainties relevant to our business, including our exploration activities.
Contacts: Tethys Petroleum Limited Sabin Rossi Vice President Investor Relations +1 416 572 2065 +1 416 572 2201 (FAX) firstname.lastname@example.org www.tethyspetroleum.com In Asia-Pacific Quam IR Anita Wan, Associate Director + (852) 2217-2999 + (852) 2217-2999 (FAX) email@example.com
SOURCE: Tethys Petroleum Limited