/KASE, September 9, 2020/ – Tethys Petroleum Limited (Cayman Islands), whose
shares are officially listed on Kazakhstan Stock Exchange (KASE), has provided
press release to KASE dated September 9, 2020, which states as follows:
Grand Cayman, Cayman Islands - Tethys Petroleum Limited (TSXV: TPL) ("Tethys" or
the "Company") today provides a corporate update.
Tethys has received an updated resource report from Gustavson Associates based
upon the latest data from the production testing on the KBD-02 (Klymene) well.
The Low Estimate of Contingent Resources from the Jurassic zone is approximately
39 million barrels, the Best Estimate of Contingent Resources is 168 million
barrels, and the High Estimate of Contingent Resources is 406 million barrels.
These volumes are classified as Contingent Resources and not reserves at this
time pending completion of a development plan and evaluation of development
economics. Assuming that these Contingent Resources can be reclassified as
reserves after economic evaluation, these would be increases from the 2019 year
end statement of reserves data that estimated the Proved oil reserves (not
including gas) for the Company in Kazakhstan to be approximately 2 million barrels,
with the Proved plus Probable estimated to be approximately 10 million barrels,
and the Proved plus Probable plus Possible estimated to be 18.3 million barrels.
The initial estimates are subject to change upon additional review. The most
recent testing on the KBD-02 well has increased production to approximately 3,000
barrels a day using a 12 mm choke. The Company is also in the process of drilling
and preparing three gas wells at Akkulka, AKK100, AKK- 101, and AKK-102. These
wells are approximately 650 meters and drilling is expected to be finished in
September. There is an open tender for the procurement of construction and
installation works to connect the 3 new gas wells. There are two additional wells
that are also being prepared for drilling, AKD-12 and AKK-33. The AKD-12 well is
targeted to be 1,200 meters with the potential for gas and/or oil.
Full version of the press release is posted on the KASE website:
– in Russian;