Tethys Secures Exploration Upside
Tethys Petroleum announced it has received permission for the extension of the Akkulka Exploration Contract in Kazakhstan where the Company is currently appraising the high potential Doris oil discovery and also where it has several exciting exploration targets.
- Two year extension to comprehensively appraise Doris commercial oil discovery and enable further high impact exploration on the Akkulka Block
- Retention of exploration prospects recently identified using the recently interpreted 3D and 2D seismic data
- Several prospects identified on seismic data including Dodone, Daphne and prospects at Triassic level where oil shows have already been encountered
- New Resource report due May 2012 including Doris and recently identified prospects
- Next appraisal / exploration well to spud mid-year to target channel sand system and high potential Dyna sand prospect
Tethys’ wholly owned Kazakh subsidiary, TethysAralGaz LLP (“TAG”), has received permission from the Ministry of Oil & Gas of the Republic of Kazakhstan (“MOG”) to extend the Akkulka Exploration Contract (the “Contract”) for a further two years from March 10, 2013 to March 10, 2015 (subject to certain routine amendments to the Contract). The MOG has extended the Contract to enable more comprehensive appraisal of the commercial discovery of oil at AKD01 (“Doris”) and exploration of further identified prospects in the Contract area.
Dr David Robson, Chairman, President and Chief Executive Officer of Tethys, added:
“This important extension will enable us to move forward on additional attractive exploration/appraisal prospects which have been identified using the recently interpreted 3D and 2D seismic data. This is extremely important to the Company as it gives us the potential to explore for the considerable resources which we believe exist within the large Akkulka Block as well as to further develop and appraise the Doris oilfield. I thank the Ministry of Oil & Gas for granting this extension which I believe demonstrates the strength of our Kazakh team and the positive approach of the Ministry of Oil & Gas to the exploration of prospective areas within Kazakhstan”.