/KASE, May 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 May 27, 2011:
quote
Tethys Petroleum Limited ("Tethys" or the "Company") (TSX: TPL) today issued a
holding statement with regard to oil being encountered in its Tajik exploration
well East Olimtoi EOL09 in order to ensure all pertinent information is
available to the market and the Company's stakeholders.
While drilling at a depth of 3,342 metres in sandstones of the Alai formation (a
secondary target) there was a strong flow of live oil to the surface accompanied
by 33% gas in the drilling mud. After closing of the blowout preventer the well
was successfully stabilised and drilling operations have now recommenced.
The oil, which appears to be of medium density, flowed despite drilling with
heavy mud (1.57 SG) reflecting a pressure of some 512 atmospheres (7,524 psia)
in the reservoir.
The primary target for the well is the Paleogene Bukhara limestone formation and
it is planned to set casing prior to entering this zone. The well is exploring
an attractive salt induced structure and is planned to reach a total depth of
some 3,800 metres.
unquote
The full version of this press-release is available on KASE website, at
http://www.kase.kz/files/emitters/GG_TPL_/gg_tpl_reliz_270511.pdf
[2011-05-31]