Tethys Petroleum issue update on Fourth Well in Kazakh Gas Campaign
Tethys (TSX:TPL)(LSE:TPL) is pleased to announce completion of drilling and logging of the AKK20 exploration well, the fourth well in its 2014 shallow gas drilling programme in Kazakhstan.
The well was drilled to a depth of 681 metres (2,234 feet) with hydrocarbon shows and electric logs indicating the presence of hydrocarbons within the target Tasaran sand, although testing will be required on this well to confirm commerciality. The well is located some 4.4 kilometres (2.76 miles) north of the AKK15 well which encountered a gas-bearing interval within the Tasaran which tested gas at a stable rate of approximately 195,000 cubic metres (7 million cubic feet or 1,167 barrels oil equivalent) per day.
Production casing is now being run and the well will be prepared for flow testing as part of a comprehensive testing programme, along with AKK17, AKK18 and AKK19, to commence later this month. The results of this programme will then be submitted to the State Committee for Reserves in order for the wells to be incorporated into the existing Akkulka Production Contract.
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.