Tethys Petroleum Kicks Off Drilling On Doto Prospect

Sep. 13, 2013 3:15 PM ET
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Tethys Petroleum (LON:TPL) (TSE:TPL) has begun drilling the AKD08 exploration well in Kazakhstan.

AKD08, also known as the Doto well, located in the south-west of the Doris field, is targeting several potential hydrocarbon zones, including some proven elsewhere in the field, but also deeper targets that have yielded significant 'shows' in nearby wells.

The Doto prospect is estimated to contain 22mln barrels of gross recoverable oil resources; however, the deeper targets are not included in this figure.

The well has a targeted depth of 3,500 metres and Tethys expects the drill program will take around 70 days to complete.

"We are very pleased to have started drilling on the Doto well commencing our exciting drilling program in Kazakhstan," said chief executive Graham Wall.

"The Doto well is targeting several zones which have been either commercially proven or shown to be promising on adjacent structures. The timing of the Dexa Exploration well is being co-ordinated with the drilling of the Doto well in order to optimise resources, thereby reducing costs."

The Central Asia-focused oil and gas explorer and producer has assets in Kazakhstan, Tajikistan, Uzbekistan and Georgia. Earlier this week, it (received final presidential approvals for a production enhancement contract (PEC) for the Chegara oilfields in Uzbekistan. The contract will now be registered with the relevant state authorities and work is expected to begin within the next two months.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

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