/KASE, January 31, 11/ -Tethys Petroleum Limited (Channel Islands), whose
common shares are officially listed on Kazakhstan Stock Exchange (KASE), has
provided KASE with the following press-release of December 6, 2010:
quote
Tethys Petroleum Limited ("Tethys" or the "Company) (TSX: TPL) today announced
that it had commenced drilling of the KBD01 (Kalypso) exploration well in
Kazakhstan.
Tethys mobilised a ZJ30 rig to the site and has now commenced drilling on an
attractive exploration prospect (named Kalypso) located approximately 50 km to
the north-west of the Doris oil discovery. This well has a planned total depth
of 4,000 metres and is targeting potential reservoirs at several stratigraphic
levels from the Cretaceous to the Permo-Carboniferous. The ZJ30 rig will drill
to a depth of 300 metres where the 508mm casing is planned to be set after which
the well will be completed using Tethys' larger ZJ70 rig "Telesto" which is
currently drilling ahead in the Permo-Carboniferous sequence on the Dione
exploration well AKD03. The KBD01 well is the first deep exploration well to be
drilled by the Company on the Kul-Bas block which also contains several other
attractive prospects.
The Kul-Bas contract area (which currently covers an area of 7,632 km(2))
surrounds the Akkulka contract area where the Company has recently made the
AKD01 "Doris" oil discovery and where work is currently underway to appraise
this oil discovery and explore the surrounding area.
The original terms of the Kul-Bas Exploration and Production Contract involved a
six year exploration period with relinquishments and a 19 year production period
which could be extended. Tethys recently announced that it had reached
agreement with the Kazakh Ministry of Oil and Gas to extend the exploration
term by a further two years (until December 2013) without further
relinquishments with the amended Contract being expected shortly. The extension
to the exploration period gives Tethys additional time to explore this
attractive area.
Contacts:
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
mobile site:
http://m.tethyspetroleum.com
In Asia-Pacific:
Anita Wan, Associate Director
Quam IR
3/F Fung House, 19-20 Connaught Road Central, Hong Kong SAR, PRC
tel./fax: +(852) 2217 2999
e-mail: anita.wan@quamgroup.com
unquote
[2011-01-31]