Tethys Petroleum Kicks Off Drilling On Doto Prospect

Sep. 13, 2013 3:15 PM ET
Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Short Only

Contributor Since 2009

Proactiveinvestors is a leading multi-media news organisation, investor portal and events management business with offices in New York, Sydney, Toronto, Frankfurt and London. Proactiveinvestors operates five financial websites in four languages providing breaking news, comment and analysis on hundreds of listed companies across the globe daily. We are one of the fastest growing financial media portals in the world. The group also operates hugely successful “investor forums” where three or four companies present to an audience of high net sophisticated investors, fund managers, hedge funds, private client brokers and analysts. Ian Mclelland founded Proactiveinvestors in 2006 as a way to channel his own views on companies small and mid-cap public companies. What started as a hobby quickly turned into a full time job as the website's readership exploded. One2One forums were added later in 2006, and within two years the company had expanded its operations into Canada and Australia. In 2009 the company expanded into Germany and finally into the US in 2010. Proactiveinvestors is now one of the fastest growing global financial media organizations in the world receiving more than one million visitors per month, with investor forums held across the globe on a regular basis.

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.

Recommended For You

Comments

To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.