Tethys Petroleum Limited (United Kingdom) commences drilling of well KOM201 in Tajikistan
02.06.10 16:35
/KASE, June 2, 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 May 31, 2010:
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Tethys Petroleum Limited ("Tethys" or the "Company") (TSX: TPL) today
announced that drilling operations had commenced on the East Komsomolsk
KOM201 appraisal well.
The KOM201 well is designed to appraise the eastern portion of the Komsomolsk
gas field, which lies beneath the northern part of Dushanbe, the capital city of
Tajikistan. It is being drilled by Tethys' ZJ30 rig "Tykhe", and is a deviated
well intended to intersect several reservoir intervals but primarily the Jurassic
carbonate reservoir. The planned total depth of the well is 2,480 metres with a
horizontal displacement to the south. It is expected that drilling operations will
be completed within approximately 60 days. This well is being drilled to the north
east of the KOM200 well that achieved a stable flow of gas but requires further
work to properly test the well following the drillstring becoming stuck. Tethys
plans to recommence work on KOM200 after the completion of KOM201.
An independent reserve and resources report effective December 31, 2009 gave
for the Komsomolsk field gross 3P reserves of some 2.9 billion cubic feet (Bcf)
of natural gas plus mid-case gross unrisked contingent and prospective resources
of 17.3 and 57.7 Bcf respectively. Any success on this well would most likely
move some of the resources into the reserves category. This field lies under
Dushanbe and has existing pipeline infrastructure in place. The surface location
of the KOM201 well is close to the large "Tojikcement" cement plant, one of the
significant gas consumers in the area. Tethys believes that current natural gas
prices in the Dushanbe area are approximately US$6.17 per thousand cubic feet
(US$218 per thousand cubic metres).
Tethys is focused on oil and gas exploration and production activities in Central
Asia with activities currently in the Republics of Kazakhstan, Tajikistan and
Uzbekistan. This highly prolific oil and gas area is rapidly developing and Tethys
believes that significant potential exists in both exploration and in discovered
deposits.
This press release contains "forward-looking information" which may include, but
is not limited to, statements with respect to our operations. Such forward-looking
statements reflect our current views with respect to future events and are subject
to certain risks, uncertainties and assumptions, including technical and geologic
risks and risks relating to regulatory approvals and of sufficiency of the
proceeds for the purposes contemplated. See the description of risks and
uncertainties and underlying factors and assumptions relevant to the offering and
"forward looking information" contained herein and to the Company's business,
including its exploration and development activities, contained in the Annual
Information Form dated March 31, 2010 (which are incorporated herein by
reference). The "forward looking statements" contained herein speak only as of the
date of this press release and, unless required by applicable law, the Company
undertakes no obligation to publicly update or revise such information, whether as
a result of new information, future events or otherwise.
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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[2010-06-02]