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Kul-Bas Block

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The Kul-Bas Exploration and Production Contract area surrounds the Akkulka Block. This large area remains underexplored and has very prospective exploration.

The Kul‐Bas block is a large exploration area of approximately 7,632 sq. km. There was already reasonable seismic coverage over the area and the Company had reprocessed these vintage data as well as acquiring and interpreting over 700 km of new 2D seismic here and the Akkulka block identifying several prospects at both shallow and deeper levels. The Kalypso (KBD01) wildcat exploration well is the first deeper exploration well drilled by Tethys on this block. The well is located on a large structure some 50 km to the north west of the Doris discovery well. The well reached total depth in September 2011, with electric logs indicating two potential Jurassic targets and some potential 100m of gross pay from a depth of 4,128 metres in what is interpreted to be Permo-Carboniferous limestones.

The company has also identified the "Klymene" prospect which is located in the Kul-Bas Exploration and Production Contract to the west of the current producing assets in the Akkulka Exploration Contract. The prospect was identified from recently acquired and interpreted seismic and indicates a four-way closure with bright spots at 2 of 3 prospective stratigraphic levels within the Cretaceous and Jurassic sequence, both of which are productive in the Company's Doris oilfield some 60 km to the east.

The Gustavson report estimates gross Unrisked Mean Prospective Recoverable Oil Resources for the Klymene prospect totaling some 422 million barrels of oil.

Tethys received a two-year extension to the Kul-Bas Exploration and Production Contract at the Ministry of Oil and Gas in Astana and as such the exploration phase of this contract will now run until November 11, 2015 assuming no further extensions are give