Tajikistan Resource Upgrade 27.5 Billion BOE -Tethys Petroleum Limited

Tajikistan Resource Upgrade 27.5 Billion BOE -Tethys Petroleum Limited

Tethys Petroleum Limited (“Tethys” or “the Company”) (TSX:TPL)(LSE:TPL) announced that it has received an updated independent Resource Report for its Tajikistan assets. These cover an area of approximately 35,000 sq. km and the estimated gross unrisked mean recoverable resources are 27.5 billion barrels of oil equivalent (BOE).
Key Points:
Gross unrisked mean recoverable prospective resources of 27.5 billion barrels of oil equivalent (BOE), consisting of:
Gross unrisked mean recoverable prospective resources of 114 trillion cubic feet (TCF) of gas
Gross unrisked mean recoverable prospective resources of 8.5 billion barrels (Bbbls) of oil and condensate
Upgrade due to seismic data, gravity data acquisition and interpretation and well data
The resource report was prepared by Gustavson Associates of the United States and has been prepared in accordance with the reporting requirements of NI 51-101 adopted by Canadian securities regulatory authorities.
Continued drilling and seismic campaign
The final stage of the seismic programme in Tajikistan will commence this summer with equipment having been mobilized and initial interpreted results expected in Q4 2012. Once complete, this interpreted seismic will help identify the location of the first deep well to be drilled by Tethys.
The initial analysis of the data from the aerial graviometry survey completed at the end of 2011 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. The additional seismic about to be acquired will target these areas and provide the final data in a comprehensive programme to optimally locate a deep well.
This final stage of the seismic programme will involve the acquisition of new seismic in two areas; the Vaksh valley and the Dushanbe Step. The programme has been designed to target these areas as the graviometry survey and other data have 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 (of which the Bokhtar PSC area forms part) and no wells have ever been drilled through the overlying salt layer in Tajikistan to date. This basin is extremely prolific containing oil, gas and condensate fields and indeed some of the world”s largest gas fields are located in this basin. These data also reveal significant potential in other parts of the PSC Area, including the Kulob area, however it has been decided to focus on the Vaksh valley and the Dushanbe Step initially.
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