/KASE, March 18, 10/ - Tethys Petroleum Limited (Channel Islands), common
shares of which are present in Kazakhstan Stock Exchange (KASE) official list,
provided to KASE the following press release of March 17, 2010:
quotation starts
St Peter Port, Guernsey, Wednesday, March 17, 2010: Tethys Petroleum Limited
("Tethys" or the "Company" (TSX:TPL)) today updated on its oil production
activities at the North Urtabulak field in Uzbekistan and the Beshtentak field
in Tajikistan.
In Uzbekistan Tethys announced that it has now tested and put on production the
newly drilled NUR116 well at the North Urtabulak Field in Uzbekistan with a test
rate of some 610 barrels of oil per day (bopd) after acidisation. The well was
drilled to a total depth of 2,484 metres (8,150 feet) into the Jurassic reef
carbonate reservoir. With production from this well current gross production from
the North Urtabulak attributable to Tethys' Production Enhancement Contract
would be over 2,000 bopd. One of the issues on the field at present is reduced
gas lift pressure which is resulting in lower production rates than should be
obtained. This issue is currently being addressed. A full field reservoir
simulation model is currently being finalised which should give a better
understanding of how to extract the remaining reserves from this field. Obtaining
the pressure data for this reservoir model has resulted in several producing wells
on the field being shut?in to gather these data but this will result in a more
effective development of the field in the future.
Graham Wall, Chief Operating Officer of Tethys Petroleum commented: "We are
pleased that we have completed this well and successfully tested it at a solid
rate. Over the past few days it has tested at rates varying between 403 and 610
barrels of oil per day, in part due to fluctuating gas lift supply pressure. We
will conduct further tests over the next week but this initial rate is encouraging
and we have already begun to accumulate commercial production from the well for
this month. We are about to commence our radial drilling programme on other
selected wells on the field, which is expected to further increase production in
the near future."
For details, please, contact:
Sabin Rossi
Vice-president Investor Relations
Tethys Petroleum Limited
TD Canada Trust Tower
161 Bay Street, 27th Floor
Toronto N5J 2S1 Canada
Office: +1 416 572 2065
Fax: +1 416 572 2201
E-mail: info@tethyspetroleum.com
Website: www.tethyspetroleum.com
In Kazakhstan
Ardak Akanov
Managing Director
PG Communications
Kazakhstan, Almaty, Samal-2, Business-center Satti
Office phone/fax: +7 (727) 272 8867, +7 (727) 272 8237, +7 (727) 272 7745
E-mail: development@pressclub.kz
Asian-Pacific region:
Anita Wan
CEO Assistant
Quam IR
3/F Fung House, 19-20 Connaught Road Central, Hong Kong SAR, PRC
Office phone/fax: + (852) 2217-2999
E-mail: anita.wan@quamgroup.com
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The press release full version is available on KASE website at
-
http://www.kase.kz/files/emitters/GG_TPL_/gg_tpl_reliz_170310.pdf - in
Russian;
-
http://www.kase.kz/files/emitters/GG_TPL_/gg_tpl_reliz_170310_eng.pdf - in
English.
[2010-03-18]