Honours for Akkulka Oil Field Discovery
GRAND CAYMAN, CAYMAN ISLANDS--(Marketwired - June 3, 2015) - Tethys Petroleum Limited ("Tethys" or "the Company") (TSX:TPL)(LSE:TPL) is pleased to announce that two of its long standing and highly valued technical team members, Almas Kulumbetov and Oleg Yurikov, have been awarded a diploma and honorary medal for the discovery of the Akkulka Oil Field in 2009-2010. These honours have been awarded by Mr B. Nurabayev, the Chairman of the Committee of Geological and Subsoil Use, part of the Kazakh Ministry of Energy.
According to the statement of the Government of the Republic of Kazakhstan, "the discoverers are recognized as personalities who had actively participated and had special merits in discovery, further exploration and production of the field: showed creativity and scientifically constructed the basement for the necessity of exploration, as a result of what, new fields that have industrial value were discovered; and while investigating the field, had discovered additional the new independent areas, ore bodies, layers, increasing the reserves of the main field not less than twice comparing to the earlier confirmed data; or new mineral resources capable for industrial exploitation."
Tethys has an excellent exploration track record in the Akkulka Exploration Contract area. In total 20 shallow gas exploration wells have been drilled in the field with 15 successes and the last 13 consecutively. The AKD01 well was the first deep exploration well drilled by Tethys in 2009 under the Akkulka Exploration Contract. Well AKD01 encountered two oil bearing zones, the lower zone being an Upper Jurassic carbonate sequence at approximately 2,355 metres below surface and an upper, lower Cretaceous sandstone zone at approximately 2,174 metres. Oil shows were also encountered in the Triassic sequence but were not tested. The oil quality is very good in both zones with light, sweet crude lighter than 42 degree API.
John Bell , Chairman of Tethys Petroleum said:
"I am proud to lead such a strong and accomplished technical team in Kazakhstan. These honours are richly deserved. I offer my sincere congratulations to Almas and Oleg and the entire team."
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.
Source: Tethys Petroleum Limited