|By Marketwired .||
|March 20, 2014 03:00 AM EDT||
BOZOI, KAZAKHSTAN -- (Marketwired) -- 03/20/14 -- Tethys Petroleum Limited ("Tethys") (TSX: TPL) (LSE: TPL), the oil and gas exploration and production company focused on Central Asia and the Caspian Region, is pleased to announce the success of Well AKK18, the second shallow gas exploration well of its 2014 programme. Analysis of data from the well indicates it, like the recently drilled AKK17 well, is similar to the AKK15 well which tested gas at a stable rate of approximately 7 million cubic feet (195,000 cubic metres or 1,167 barrels oil equivalent) per day, and the AKK18 is anticipated to test at a comparable rate.
The AKK18 well was drilled to a depth of 750 metres (2,460 feet) some 6 kilometres (3.7 miles) south-west of AKK15 and encountered a 3.6 metre (12 feet) interval of gas bearing Tasaran sand with an average porosity of 31%. This compares to the AKK15 well which encountered a 4 metre (13.1 feet) gas-bearing interval of similar quality, and which will be tied in as part of this year's programme. The AKK18 well will now be cased and prepared for production testing later in the year in conjunction with the AKK17 well in order to minimise costs.
The current shallow gas programme includes the drilling of up to 10 new exploration wells, based on the latest seismic data, as well as workovers and tie-ins, and is targeting a three fold increase in gas production by the beginning of 2015.
Dr. David Robson, Chairman and President of Tethys commented, "We now have two successes from the first two wells in this year's shallow gas programme and have confidence that our geological model will bring further successes through this drilling programme. The anticipated sale of gas into the Chinese market in 2015 at higher prices will bring a step change to the Company, significantly increasing revenues through low cost, shallow wells in a development that has low operating costs and an efficient distribution system."
Tethys is focused on oil and gas exploration and production activities in Central Asia and the Caspian Region. This highly prolific oil and gas area is rapidly developing and Tethys believes that significant potential exists in both exploration and in discovered deposits.
This press release contains "forward-looking information" which may include, but is not limited to, the potential for successful discoveries and their commercialization, and our exploration targets. Such forward-looking statements reflect our current views with respect to future events and are subject to certain assumptions, the fact that the Company will be successful in confirming the existence of the accumulations of petroleum in respect of its exploration targets, and subject to certain risks and uncertainties, including the risk that limited discoveries will result from exploration wells and as a result the risk that any or all of the prospective resources will not become recoverable. See our Annual Information Form for the year ended December 31, 2012 for a description of risks and uncertainties relevant to our business, including our exploration activities. The "forward looking statements" contained herein speak only as of the date of this press release and, unless required by applicable law, the Company undertakes no obligation to publicly update or revise such information, whether as a result of new information, future events or otherwise.
A barrel of oil equivalent ("boe") conversion ratio of 6,000 cubic feet (169.9 cubic metres) of natural gas = 1 barrel of oil has been used and is based on the standard energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
Tethys Investor Relations
Tethys Petroleum Limited
Vice President Investor Relations
Media / IR Enquiries - London
+44 207 831 3113
+852 2217 2999
Tethys Petroleum Limited
Mobile site: m.tethyspetroleum.com
Oct. 26, 2016 11:00 AM EDT Reads: 3,169
Oct. 26, 2016 11:00 AM EDT Reads: 187
Oct. 26, 2016 10:30 AM EDT Reads: 1,120
Oct. 26, 2016 10:15 AM EDT Reads: 5,166
Oct. 26, 2016 10:15 AM EDT Reads: 1,886
Oct. 26, 2016 10:15 AM EDT Reads: 4,954
Security, data privacy, reliability, and regulatory compliance are critical factors when evaluating whether to move business applications from in-house, client-hosted environments to a cloud platform. Quality assurance plays a vital role in ensuring that the appropriate level of risk assessment, verification, and validation takes place to ensure business continuity during the migration to a new cloud platform.
Oct. 26, 2016 10:00 AM EDT Reads: 2,020
Oct. 26, 2016 10:00 AM EDT Reads: 458
Oct. 26, 2016 10:00 AM EDT Reads: 1,806
Oct. 26, 2016 10:00 AM EDT Reads: 477
The Internet of Things can drive efficiency for airlines and airports. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Sudip Majumder, senior director of development at Oracle, will discuss the technical details of the connected airline baggage and related social media solutions. These IoT applications will enhance travelers' journey experience and drive efficiency for the airlines and the airports. The session will include a working demo and a technical d...
Oct. 26, 2016 10:00 AM EDT Reads: 2,618
We are always online. We access our data, our finances, work, and various services on the Internet. But we live in a congested world of information in which the roads were built two decades ago. The quest for better, faster Internet routing has been around for a decade, but nobody solved this problem. We’ve seen band aid approaches like CDNs that attack a niche's slice of static content part of the Internet, but that’s it. It does not address the dynamic services-based Internet of today. It doe...
Oct. 26, 2016 09:45 AM EDT Reads: 1,835
Between the mockups and specs produced by analysts, and resulting applications built by developers, there exists a gulf where projects fail, costs spiral, and applications disappoint. Methodologies like Agile attempt to address this with intensified communication, with partial success but many limitations. In his session at @DevOpsSummit at 19th Cloud Expo, Charles Kendrick, CTO at Isomorphic Software, will present a revolutionary model enabled by new technologies. Learn how business and deve...
Oct. 26, 2016 09:30 AM EDT Reads: 1,488
In the 21st century, security on the Internet has become one of the most important issues. We hear more and more about cyber-attacks on the websites of large corporations, banks and even small businesses. When online we’re concerned not only for our own safety but also our privacy. We have to know that hackers usually start their preparation by investigating the private information of admins – the habits, interests, visited websites and so on. On the other hand, our own security is in danger bec...
Oct. 26, 2016 09:17 AM EDT Reads: 239
In his session at Cloud Expo, Robert Cohen, an economist and senior fellow at the Economic Strategy Institute, will provide economic scenarios that describe how the rapid adoption of software-defined everything including cloud services, SDDC and open networking will change GDP, industry growth, productivity and jobs. This session will also include a drill down for several industries such as finance, social media, cloud service providers and pharmaceuticals.
Oct. 26, 2016 09:15 AM EDT Reads: 2,051