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Tethys Updates Operations in Kazakhstan

Source: www.gulfoilandgas.com 8/3/2009, Location: Asia

Tethys Petroleum Limited provided an operations update on its activities in Kazakhstan. Tethys is an independent oil and gas production and exploration company in Kazakhstan.

In Kazakhstan the first deep exploration well to be drilled by Tethys, the Akkulka deep well (AKD01), is drilling ahead currently at a depth of 2,250 metres (7,382 feet) with a planned total depth of between 3,400 metres (11,155 feet) and 4,500 metres (14,764 feet), dependent on results. It is also the first well drilled by Tethys with its new ZJ70 drilling rig ("Telesto"). An independent resource report carried out in 2007 by McDaniel and Associates estimates that the deep structures in the Tethys licenses in Kazakhstan potentially contain up to 690 Million Barrels of Oil Equivalent of un-risked mean prospective resources. The well is targeting Middle and lower Jurassic to Triassic syn-rift leads and prospects which are often located on inverted structures in a variety of orientations around the Akkulka high and especially in the central and eastern part of the block. It is expected that the well will reach total depth and logging will commence in early September 2009.

Also in Kazakhstan full gas production from Phase 1 on the Kyzyloi Field has resumed and production is currently 513 Mcm/d (18.12 Mmcf/d). Restrictions further up in the Bukhara-Urals Gas line had temporarily reduced output to approximate half full production capacity. The Kyzyloi Field is now producing from eight wells, which includes the recently commissioned G12 and G16 wells, and is expected to stabilise at approximately 566,000 Mcm/d 20 Mmcf/d per day over the next week.

Phase 2 gas production, from the Central Akkulka Field, is tested, tied in and the compressors are fully installed and a Kazakh State commission has certified the system. Production is expected to commence upon the execution of a production contract with the Ministry of Energy and Mineral Resources of the Republic of Kazakhstan, the terms of which have already been agreed. It is expected that this contract will be executed in September of this year. Phase 1 gas is contracted under a long-term take-or-pay contract but the Phase 2 gas can be sold on the open market. Gas prices have been volatile in the region following the fall of crude oil prices so it is difficult to forecast the price for the gas under the new contract, though it will certainly be much lower than industry related forecast prices in 2008. The project has low operating costs so would be expected to be profitable even at the lower prices.

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