Tethys abandons well and shares drop

published 13 November 2012

Tethys, an oil and gas exploration and production company focused on Central Asia, said it had suspended operations at one of its wells, causing shares to fall sharply.

The firm said testing had now been temporarily suspended at its AKD07 well while further options were being evaluated, one of which is to bring in a pump to lift the well.

"During the initial testing of this zone no formation oil was recovered after perforating, although hydrocarbons were indicated from the wireline logs," the statement said.