DUSHANBE, TAJIKISTAN, Dec 19, 2011 (MARKETWIRE via COMTEX) –Tethys Petroleum Limited (“Tethys” or the “Company”) (TSX: TPL)(LSE: TPL) today announced the initial results of its Persea 1 exploration well in Tajikistan and its intention to carry out production testing on the well in the new year.
The Persea 1 well, drilled some 5 kilometres from the town of Kurgan Teppa, reached a total depth of 2,655 metres. Wireline logs show a 50 metre gross zone of possible hydrocarbons within a mixed sandstone and carbonate sequence assigned to the Alai formation, similar to that about to be tested in the East Olimtoi (EOL09 well). Because of hole stability issues the section was drilled with relatively high mudweights which tends to mask hydrocarbon shows whilst drilling.
The Company now intends to run 7-inch liner in preparation for a production test with the aim of establishing commercial flow of hydrocarbons from this zone. The actual testing itself will be carried out in the first half of 2012 with the cost to be financed by internally generated cash flow.
Following the recent acquisition of additional interest in the Bokhtar Production Sharing Contract, which includes the Persea prospect, Tethys now holds an 85% working interest in this prospect.
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 for a description of risks and uncertainties relevant to our business, including our exploration and development activities. The presence of possible or potential hydrocarbon-bearing zones does not mean that commercial hydrocarbons will be obtained.
Tethys Petroleum Limited
Sabin Rossi, – All Investor Queries
Vice President Investor Relations
Office: +1 416 572 2065
+1 416 572 2201 (FAX)
Tethys Petroleum Limited
Veronica Zhuvaghena, – All Media Queries
Vice President Corporate Communications
Office: +44 1481 725911
+44 1481 725922 (FAX)
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SOURCE: Tethys Petroleum Limited