Welcome!

News Feed Item

Tethys on Track for a 15 Year Extension to Kyzyloi Gas Contract

ASTANA, KAZAKHSTAN -- (Marketwired) -- 05/21/14 -- Tethys Petroleum Limited ("Tethys" or the "Company") (TSX: TPL)(LSE: TPL) today announced that the Kazakh State Reserves Committee (GKZ) has approved the Company's gas reserve evaluation for the Kyzyloi Production Contract area (the "Contract"). This approval is a precursor to a further extension of 15 years of the Contract and is subject to confirmation and registration of this extension with the appropriate bodies including the Ministry of Oil and Gas of the Republic of Kazakhstan ("MOG").

The Contract Area covers some 287 km2 (70,918 acres) and the Company is currently producing gas from the shallow Kyzyloi sandstone in this area. Such an extension will give Tethys significantly more time to produce natural gas from this attractive area.

The reserves attributed to the Kyzyloi Contract area, determined in accordance with National Instrument 51-101 of the Canadian Securities Administrators, are included in the Company's reserves evaluation for its oil and gas interests in Kazakhstan set out in its Annual Information Form dated March 31, 2014 available on www.sedar.com.

Gas Programme Update (on the surrounding Akkulka area)

Work continues on the shallow gas exploration and development programme in the surrounding Akkulka area. Drilling operations on the AKK20 well have commenced. This is the fourth exploration well of the 2014 shallow gas programme and is targeting gas at two shallow gas horizons, both the Kyzyloi sand and, at the deeper, higher pressured Tasaran sand level.

Testing of the AKK17, AKK18 and AKK19 wells will commence in early June with AKK20 to follow on should the logs indicate success and this is expected to take a combined 6 - 8 weeks. Following testing, State Reserves will be obtained for these deposits and these wells will be tied into the existing infrastructure along with AKK05, AKK15 and AKK16. The order for gas dehydration equipment has now been placed, with the aim of commencing significantly increased gas production from the beginning of 2015.

Steve Elliott, Vice President Project Development for Tethys commented; "Obtaining updated State Reserves for Kyzyloi places us on track to secure a long extension to the Kyzyloi gas field production period. The programme on Akkulka continues apace, with new wells being drilled, testing and tie-ins planned for this summer, and with important facilities such as the gas dehydration equipment now moving forward. Our project team is focused on meeting the objective of tripling gas production by the beginning of next year and our commercial negotiators are working on achieving significant increases in gas prices, all of which should add significantly to cash flow from the project in 2015."

Tethys is focused on oil and gas exploration and production activities in Central Asia with activities currently in the Republics of Kazakhstan, Tajikistan and Georgia. 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, statements with respect to the Contract extension, testing of the AKK17, AKK18, AKK19 and AKK20 wells and tying-in of these wells and the AKK05, AKK15 and AKK16 wells (collectively, the "Wells"), tripling of gas production by the beginning of 2015, significant increases in gas pricing and addition to cash flow in 2015. Such forward-looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions including the risk that approval of the Contract extension, or its registration, will be delayed or deferred, the risk that testing and/or tying-in of the Wells will be delayed, the risk that gas production from the Akkulka contract area will not triple by the beginning of 2015 because of equipment mobilization, geological issues or production delays, and the risk that gas prices realized by the Company in 2015 will not significantly increase. These forward-looking statements assume that testing and tying-in of the Wells will be completed on schedule and that gas production and pricing from the Akkulka contract area will increase as expected. See our Annual Information Form dated March 31, 2014 for the year ended December 31, 2013 for a description of risks and uncertainties relevant to our business, including our exploration and production 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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
24Notion is full-service global creative digital marketing, technology and lifestyle agency that combines strategic ideas with customized tactical execution. With a broad understand of the art of traditional marketing, new media, communications and social influence, 24Notion uniquely understands how to connect your brand strategy with the right consumer. 24Notion ranked #12 on Corporate Social Responsibility - Book of List.
SYS-CON Events announced today that Roundee / LinearHub will exhibit at the WebRTC Summit at @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LinearHub provides Roundee Service, a smart platform for enterprise video conferencing with enhanced features such as automatic recording and transcription service. Slack users can integrate Roundee to their team via Slack’s App Directory, and '/roundee' command lets your video conference ...
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
More and more companies are looking to microservices as an architectural pattern for breaking apart applications into more manageable pieces so that agile teams can deliver new features quicker and more effectively. What this pattern has done more than anything to date is spark organizational transformations, setting the foundation for future application development. In practice, however, there are a number of considerations to make that go beyond simply “build, ship, and run,” which changes ho...
"My role is working with customers, helping them go through this digital transformation. I spend a lot of time talking to banks, big industries, manufacturers working through how they are integrating and transforming their IT platforms and moving them forward," explained William Morrish, General Manager Product Sales at Interoute, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Just over a week ago I received a long and loud sustained applause for a presentation I delivered at this year’s Cloud Expo in Santa Clara. I was extremely pleased with the turnout and had some very good conversations with many of the attendees. Over the next few days I had many more meaningful conversations and was not only happy with the results but also learned a few new things. Here is everything I learned in those three days distilled into three short points.
SYS-CON Events announced today the Kubernetes and Google Container Engine Workshop, being held November 3, 2016, in conjunction with @DevOpsSummit at 19th Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA. This workshop led by Sebastian Scheele introduces participants to Kubernetes and Google Container Engine (GKE). Through a combination of instructor-led presentations, demonstrations, and hands-on labs, students learn the key concepts and practices for deploying and maintainin...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, wh...
Adobe is changing the world though digital experiences. Adobe helps customers develop and deliver high-impact experiences that differentiate brands, build loyalty, and drive revenue across every screen, including smartphones, computers, tablets and TVs. Adobe content solutions are used daily by millions of companies worldwide-from publishers and broadcasters, to enterprises, marketing agencies and household-name brands. Building on its established design leadership, Adobe enables customers not o...
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
Kubernetes is a new and revolutionary open-sourced system for managing containers across multiple hosts in a cluster. Ansible is a simple IT automation tool for just about any requirement for reproducible environments. In his session at @DevOpsSummit at 18th Cloud Expo, Patrick Galbraith, a principal engineer at HPE, discussed how to build a fully functional Kubernetes cluster on a number of virtual machines or bare-metal hosts. Also included will be a brief demonstration of running a Galera M...
In this strange new world where more and more power is drawn from business technology, companies are effectively straddling two paths on the road to innovation and transformation into digital enterprises. The first path is the heritage trail – with “legacy” technology forming the background. Here, extant technologies are transformed by core IT teams to provide more API-driven approaches. Legacy systems can restrict companies that are transitioning into digital enterprises. To truly become a lea...
All clouds are not equal. To succeed in a DevOps context, organizations should plan to develop/deploy apps across a choice of on-premise and public clouds simultaneously depending on the business needs. This is where the concept of the Lean Cloud comes in - resting on the idea that you often need to relocate your app modules over their life cycles for both innovation and operational efficiency in the cloud. In his session at @DevOpsSummit at19th Cloud Expo, Valentin (Val) Bercovici, CTO of So...
What are the new priorities for the connected business? First: businesses need to think differently about the types of connections they will need to make – these span well beyond the traditional app to app into more modern forms of integration including SaaS integrations, mobile integrations, APIs, device integration and Big Data integration. It’s important these are unified together vs. doing them all piecemeal. Second, these types of connections need to be simple to design, adapt and configure...
What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...