BAKU, Azerbaijan, Oct. 15
By Nargiz Sadikhova - Trend:
Tethys Petroleum Limited which operates assets in Kazakhstan and Georgia anticipates that the drilling operations at AKD-12 and AKD-33 gas wells will be completed on both wells by the end of November, Trend reports citing the Tethys.
“The AKD-12 is believed to have potential for an oil find in addition to gas. Tethys also has entered into contracts for the acquisition, interpretation and analysis for 3D seismic for the Klymene field and additional acreage in the Kyzloi/Akulka fields,” the company said.
The estimated cost is about $3.5 million with an expectation of this work being completed by the end of June, 2021. Tethys has started the production testing of the third zone of KBD-02 (Klymene). The well was perforated on October 11, 2020. The initial testing used chokes ranging from 5 mm to 15 mm. The rate of production ranged from approximately 630 barrels per day using the 5 mm choke to 4,185 barrels per day using the 15 mm choke.
“While these test results are encouraging, they should be considered preliminary until the tests are carried out over a longer period and help confirm the ability to sustain these production rates over longer periods,” the company said.
The company said that with the receipt of the gas prepayment and the oil sales from KBD-02, Tethys has been able to meet its operating expenses.
At present, Tethys holds approximately $5 million in cash with planned debt repayments and drilling/seismic expenses exceeding $8 million. It is anticipated that this shortfall will be primarily addressed from additional cash from operations from the KBD02 Upper Aptian production and/or from new loans.
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