Tethys announces work program in Kazakhstan for second half of 2013

Azerbaijan, Baku, June 18 / Trend E. Kosolapova/

Tethys Petroleum Limited, the oil and gas exploration and production company focused on Central Asia, announced its work program in Kazakhstan for the second half of 2013, the company reported on Wednesday.

"The total CAPEX for this program, with the drilling of two oil exploration wells, seismic, testing of KBD01, drilling of five shallow gas wells and workovers totals approximately $20.4 million and is expected to take the rest of this year and into the first half of 2014,: the company said.

According to the program, the company plans to spud AKD08 ("Doto") exploration well in early August to the south-west of the producing Doris field. It is forecasted to take approximately 45 days to drill to a planned total depth of 2,420 metres using Tethys' own ZJ70 "Telesto" rig.

"The Doto prospect has 22 million barrels gross mean unrisked recoverable prospective oil resources attributed to it (Gustavson & Associates)," the company said.

Following on from AKD08 the company has plans to drill additional exploration targets in the Akkulka and Kul-Bas licences, further information on these targets will be provided in due course.

A number of progressive cavity pumps are being purchased to carry out a testing program on several suspended oil wells. These pumps should enable definition of the ultimate potential of these wells which was not possible during the initial testing due to the lack of available lifting capacity at that time. These wells include AKD02, 03 and 07 and if successful these wells could be brought on production quickly.

Moreover, Tethys has re-focused some of its investment into gas development after the effective doubling of the realized gas price in January of this year to $65 from $32.5 per 1,000 cubic meters. The new Kazakhstan-China gas trunkline under construction (planned to pass through Tethys' contract areas) will provide an additional commercialization route and a further upside to the price.

It is planned to conduct workovers on the AKK05 and AKK14 wells in third quarter in order to boost gas production and short-term cash flow. These wells have successfully tested gas in the past but were not brought on stream due to the relatively low gas price at that time.

Commencing in forth quarter up to five further shallow gas exploration wells are expected to be drilled on a number of additional prospects and leads which have been identified based on seismic data. These are relatively low risk targets and of the 13 shallow exploration wells previously drilled by Tethys in the Akkulka Block, 11 tested commercial gas.

The planned gas exploration wells are typically 600-800 meters measured depth and will take up to three weeks each to drill. Currently these are located mainly in the central and south-eastern part of the Akkulka Exploration Contract and relatively close to existing gas infrastructure.

Moreover, in the third quarter of 2013 Tethys will commence the KBD01 (Kalypso) comprehensive testing program initially on the Permo-Carboniferous interval. The program will involve initial perforation and potentially acidisation followed by fracture stimulation of the carbonate interval approximately 4,100 meters below the surface and will take up to one month to complete.

Electric logs run over this section indicated more than 100 metres of gross potential hydrocarbon bearing zones in what is interpreted to be shelf limestones with hydrocarbon shows also being noted whilst drilling. The Kalypso Permo-Carboniferous is likely to be gas condensate bearing with 122 billion cubic feet (3.5 billion cubic meters) gross mean unrisked recoverable prospective resources attributed to it by Gustavson & Associates. Further potential lies in the Jurassic sands which showed indications of oil when drilling and on electric logs.

In the third quarter 200 kilometres of 2D seismic is planned over identified prospects in the south-west part of the Kul-Bas block, separate from Kalypso.

An additional seismic program of 100 square kilometers of 3D data is planned over further prospects identified north west of the producing Doris wells and with similar Cretaceous reservoirs predicted. Furthermore an additional 35 kilometers of 2D data is planned for acquisition within the Akkulka block, but targeting additional areas of interest around the shallow producing Kyzyloi gas field. This activity is likely to follow the Kul-Bas seismic acquisition program.

Moreover Tethys plans to commission the Third Phase of Aral Oil Terminal's expansion in the third quarter of 2013. The Third Phase envisages installation of an electrical dehydrator to significantly improve the quality of oil.

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