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Tethys Petroleum to speed up drilling in Kazakhstan

2013-08-22
ALMATY (TCA) — Tethys Petroleum has said it will simultaneously drill two deep exploratory wells in the Ustyurt basin in Kazakhstan, the Oil & Gas Journal reports.

Tethys Petroleum is going to use the funds it received from the recent farm-out agreement on its Bokhtar venture in Tajikistan to speed up its drilling program in Kazakhstan, the company said.

Tethys plans to start in early September using its own rig and take 70 days to drill to 3,500 meters.

In Kazakhstan, Tethys Petroleum's acreage is located in the northern part of the Ustyurt basin, a triangular shaped geological basin which lies just to the west of the Aral Sea, the company said on its website. The company's geological model for the area predicted that there may be a mature source rock in the east of the basin with migration of oil into structures on the basin flanks. Despite some exploration in the past, no commercial oil has been discovered so far.

The new Kazakhstan-China gas pipeline under construction, which is planned to pass through Tethys’s contract areas, will provide an additional commercialization route and offers potential further price upside, the company believes.

Tethys Petroleum Limited is an oil and gas exploration and production company currently focused on Central Asia with projects in Kazakhstan, Tajikistan and Uzbekistan. 

Tethys Petroleum is a public company with its primary listing on the Toronto Stock Exchange, the world's largest exchange for oil and gas companies. The company is also listed on the London Stock Exchange and Kazakhstan Stock Exchange in Almaty.