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Oil Production Update - Successful Installation of ESP

Source: 6/2/2017, Location: Europe

Tethys Petroleum Limited (TPL) announces that it has successfully completed the installation of an Electrical Submersible Pump ("ESP") in its main oil producing well, AKD-01.

AKD-01 has been producing under natural pressure since first oil in September 2010 and to date has produced approximately three million barrels of oil. Production from AKD-01 has experienced a natural decline and was producing an average of approximately 700 bopd until the well was shut-in for the ESP to be installed. The ESP is intended to significantly increase oil production for the remaining life of the well and it is anticipated that initial production rates could be up to 2,500 bopd.

The installation of the ESP is the first stage in the Company's 2017 plans to enhance oil and gas production from existing wells alongside the previously announced shallow gas well drilling programme.

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