Tethys Petroleum Limited: Tajikistan Resource Upgr
Jul 19, 2012 (Marketwire via COMTEX) --Tethys Petroleum Limited ("Tethys" or "the Company") (TSX:TPL)(LSE:TPL) is pleased to announce that it has received an updated independent Resource Report for its Tajikistan assets. These cover an area of approximately 35,000 sq. km and the estimated gross unrisked mean recoverable resources are 27.5 billion barrels of oil equivalent (BOE).
Key Points:
- Gross unrisked mean recoverable prospective resources of 27.5 billion barrels of oil equivalent (BOE), consisting of:
- Gross unrisked mean recoverable prospective resources of 114 trillion cubic feet (TCF) of gas
- Gross unrisked mean recoverable prospective resources of 8.5 billion barrels (Bbbls) of oil and condensate
- Upgrade due to seismic data, gravity data acquisition and interpretation and well data
The resource report was prepared by Gustavson Associates of the United States and has been prepared in accordance with the reporting requirements of NI 51-101 adopted by Canadian securities regulatory authorities.
Continued drilling and seismic campaign
The final stage of the seismic programme in Tajikistan will commence this summer with equipment having been mobilized and initial interpreted results expected in Q4 2012. Once complete, this interpreted seismic will help identify the location of the first deep well to be drilled by Tethys.
The initial analysis of the data from the aerial graviometry survey completed at the end of 2011 revealed several attractive prospective areas with the potential presence of very large deep sub-salt and sub-thrust prospects within the Bokhtar Production Sharing Contract ("PSC") Area. The additional seismic about to be acquired will target these areas and provide the final data in a comprehensive programme to optimally locate a deep well.
This final stage of the seismic programme will involve the acquisition of new seismic in two areas; the Vaksh valley and the Dushanbe Step. The programme has been designed to target these areas as the graviometry survey and other data have identified them to be the most likely to contain large deep prospects including potential Jurassic reefs located on the edge of likely Permian basement high features. Jurassic reefs form some of the most prolific fields in the Amu Darya basin (of which the Bokhtar PSC area forms part) and no wells have ever been drilled through the overlying salt layer in Tajikistan to date. This basin is extremely prolific containing oil, gas and condensate fields and indeed some of the world''s largest gas fields are located in this basin. These data also reveal significant potential in other parts of the PSC Area, including the Kulob area, however it has been decided to focus on the Vaksh valley and the Dushanbe Step initially.
It is expected that this new seismic programme will further confirm the high potential in the Tethys PSC acreage. Tethys now owns an 85% interest in the Bokhtar PSC following the recent acquisition of an additional 34% interest from its partner in the project.
Background: Strategy in Tajikistan
The primary strategy in Tajikistan is to complete a comprehensive geological and geophysical data gathering exercise with the intention of locating and drilling the first deep exploration well below the regional salt layer. This deep well will target very large prospective resources, as set out in the independent resource report. These prospects have never been drilled before in Tajikistan but are prolific producers from similar reservoirs in the adjacent countries including Turkmenistan.
This programme is firmly on track and consists of the following:
- In 2008, Tethys obtained and analysed the State geophysical information and well data of the shallower drilling that had been undertaken in the Soviet period and compiled an extensive database, which was combined with a regional geological model built in-house.
- In 2009-10, Tethys designed and acquired a regional seismic programme whereby approximately 700km of good quality seismic was obtained and interpreted.
- In 2011, Tethys carried out an aeromagnetic graviometry survey over more than half of the PSC Area. These data complement the acquired seismic data, State geophysical information and well data.
- In 2012, following on from the results of the aeromagnetic graviometry survey, a seismic contractor has been appointed and equipment mobilized to commence acquisition of focused seismic data over key prospective areas with the intention of identifying the location for the first deep well. It is planned that Tethys'' large ZJ70 drilling rig "Telesto" will be mobilized to Tajikistan by year''s end with the intention of drilling the deep well in 2013.
Tethys also continues to exploit the shallow potential in Tajikistan with oil production from Beshtentak, deepening of the Persea exploration well and plans for further evaluation of the East Olimtoi oil discovery.
Dr David Robson, Chairman, President and Chief Executive Officer of Tethys, added:
"This hugely significant increase in our estimated resources in Tajikistan transforms our prospective resource base. I believe that these unrisked mean prospective resources are significantly greater than the estimated remaining reserves and unrisked resources in the UK North Sea(1). Geological and geophysical work undertaken has shown that Tethys is operating in a world class basin with enormous and untapped potential."
"The deep prospects being pursued in Tajikistan have ''super-giant'' potential and any exploration success will be transformational for the Company. These additional seismic data will help to identify the location of the first deep, sub-salt well drilled in Tajikistan targeting extremely large prospective resources."