Tethys Petroleum Limited provided an update on its drilling activities in Kazakhstan. Exploration well AKD01, which is the Company's first "deep" well in the Akkulka Block ("Akkulka") in Kazakhstan, reached a total depth of 3,414 m (11,200 ft) in what is interpreted to be the Triassic sequence. This well had targets in the Cretaceous/ Jurassic sequence and in the underlying Triassic sequence.
As previously reported, based on the electric logs, independent petrophysical analysis confirmed the interpretation of moveable hydrocarbons in at least two zones in the Lower Cretaceous / Jurassic interval which may be oil and/or gas condensate. In order not to jeopardise these zones the well was plugged back and a testing program initiated on two zones, one at approximately 2,350 m (7,708 ft) and the other at approximately 2,160 m (7,085 ft).
The lower zone is interpreted to be a dolomitic interval which is believed to be regionally extensive, whilst the upper zone is interpreted to be a good quality sandstone. Production testing of the lower zone has now commenced and the well has flowed light oil/condensate to surface but the well is not yet cleaned up and no accurate flow rate is yet available. A sample of the liquid hydrocarbon has been sent to a laboratory for further tests and Tethys is continuing with the testing program with further results on this lower zone being expected in the next few weeks. Although the recovery of liquid hydrocarbons from the well is encouraging only after production testing can a definitive statement be made on the potential for commercial production of oil and/or gas from this well.
Once the lower zone has been fully tested the upper zone will then be perforated and tested, which is expected to take place in approximately four weeks time.
