Kazakh Oil and Gas Ministry extends Tethys’s exploration contract
Azerbaiian, Baku, April 19 / Trend E. Kosolapova/
The Kazakh Oil and Gas Ministry permitted the TethysAralGaz LLP to extend the Akkulka Exploration Contract from March 10, 2013 to March 10, 2015, Tethys Petroleum company reported on Thursday.
According to the contract, the company is appraising the high potential of Doris oil field where it has several exciting exploration targets.
The extension of the contract will enable more comprehensive appraisal of the commercial discovery at Doris field and exploration of further identified prospects in the contract area, the company said.
"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," Chairman, President and Chief Executive Officer of Tethys David Robson said.
The next appraisal/exploration well is expected to spud in mid-2012.
At present, over 13,000 barrels of oil per day have been tested from exploration and appraisal wells in and around the Doris accumulation and it is envisaged that a sustainable production level of 5 - 6,000 barrels of oil per day can realistically be achieved from these wells.
Tethys Petroleum Limited is an oil and gas exploration and production company currently focused on Central Asia with projects in oil-rich Kazakhstan, Tajikistan and Uzbekistan. It is the only independent oil and gas company operating in all three countries. TethysAralGaz LLP is wholly owned by Tethys Petroleum Limited.