DUSHANBE, TAJIKISTAN, Jun 09, 2011 (MARKETWIRE via COMTEX) —
Tethys Petroleum Limited (“Tethys” or the “Company”) (TSX: TPL) today announced a further update on the East Olimtoi EOL09 exploration well in south-western Tajikistan.
Electric logs have now been run in the well over the Alai interval (a secondary target) which, as previously announced produced live oil and gas to surface whilst drilling and showing high formation pressures. The electric logs have confirmed the probable presence of moveable hydrocarbons in the interval from 3,341 to 3,500 metres. Independent petrophysical interpretation indicates up to 32 metres of net hydrocarbon bearing pay in the section with porosities of up to 17%. No oil-water contact is interpreted in this section of the well. The potential closure covers an area of over 10 km2 in the East Olimtoi prospect alone.
The well is currently drilling ahead at a depth of 3,544 metres in the Suzak shale which separates the Alai from the Bukhara limestone. Depending on formation pressures it is planned to set 7 inch casing at the base of the Suzak Shale prior to drilling through the Bukhara. It is planned to conduct production testing on all zones of interest after the drilling has been completed in approximately 3-4 weeks.
The mapping shows three additional structures around the salt piercement that could be drilled following completion of the EOL09 well. There are also similar prospective structures in the area.
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 and other filings for a description of risks and uncertainties relevant to our business, including our exploration and production activities. Test production rates may vary from sustained production rates when developing a well or a deposit. The commerciality of any discovery can be affected by many factors including product prices, operating costs, capital costs, government take, sustained production levels and ultimate recovery of hydrocarbons. Hydrocarbon indications from drilling or wireline log data do not necessarily mean that mobile hydrocarbons are present in the formation or can be produced.
Contacts: Tethys Petroleum Limited Sabin Rossi Vice President Investor Relations +1 416 572 2065 +1 416 572 2201 (FAX) email@example.com Tethys Petroleum Limited TD Canada Trust Tower 161 Bay Street, 27th Floor Toronto M5J 2S1, Canada www.tethyspetroleum.com Mobile site: http://m.tethyspetroleum.com In Asia-Pacific Quam IR Anita Wan, Associate Director + (852) 2217-2999 + (852) 2217-2999 (FAX) firstname.lastname@example.org
SOURCE: Tethys Petroleum Limited