Tethys Petroleum Announce Kazakhstan Gas Production Doubles
Tethys Petroleum Limited (TSX:TPL)(LSE:TPL) (“Tethys” or the “Company”) announced that the new phase of gas production is on stream and is producing at more than double previous production.
Kazakhstan Shallow Gas Programme Update – Gas Production Doubles
Following the recent announcement of a new Gas Sales Contract, the next phase of shallow gas production is now on stream and production has more than doubled. This new production was achieved on schedule and has now been producing since the beginning of the year as levels have increased to the current daily production rate.
— Gas production more than doubles
— 10-day average of 559 Mm3/d (19.7 Mscft/d)
— Planned further increase in production in Q2
The 2015 shallow Gas Programme officially commenced on January 1st as forecast. Gas is now flowing at a combined rate of 559 Mm3/d (19.7 Mscft/d) from 12 wells, a rate more than double the previous rate of 260 Mm3/d (9.1 Mscft/d) from a combination of existing wells along with some of those drilled and tested in 2014 (AKK17, 18 & 19) and previously drilled and tested wells (AKK15 &16) all tied-in on schedule. The recently installed dehydration system is performing well and expected to be commissioned by the State in the next month.
Additionally it is planned to increase production later in Q2 and Q3 2015 with two more previously tested wells being brought online and with further optimisation of existing compression.
Tethys is focused on oil and gas exploration and production activities in Central Asia and the Caspian Region. This highly prolific oil and gas area is rapidly developing and Tethys believes that significant potential exists in both exploration and in discovered deposits.