Tethys Petroleum thinks Tajikistan assets greater than UK North Sea

Oil exploration outfit Tethys Petroleum has today announced that the prospective resources of its Tajikistan assets may be significantly greater than those estimated to remain in the UK North Sea. This increase is a result of an updated independent Resource Report for the same.

That as the company begins to prepare for the final stage of its seismic programme in Tajikistan, which will commence this summer, on schedule. Once the company has finished its complete comprehensive geological and geophysical data gathering exercise, which builds on Soviet era data, it will be able to determine the best location to begin drilling a first deep exploration well below the regional salt layer.

These prospects have never been drilled before in Tajikistan but are prolific producers from similar reservoirs in the adjacent countries including Turkmenistan, the company adds.

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Said resource report shows that those assets, which cover an area of approximately 35,000 sq. km., have now been found to hold an estimated gross unrisked mean recoverable resources of 27.5bn barrels of oil equivalent (BOE).

The detailed breakdown is as follows:

-Gross unrisked mean recoverable prospective resources of 114trn cubic feet (TCF) of gas.

-Gross unrisked mean recoverable prospective resources of 8.5bn barrels (Bbbls) of oil and condensate.

-Upgrade due to seismic data, gravity data acquisition and interpretation and well data.

The resource report, prepared by Gustavson Associates of the United States, was been prepared in accordance with the reporting requirements of NI 51-101 adopted by Canadian securities regulatory authorities.

As of 10:51 shares of Tethys Petroleum are rising by 34.46% to the 141p mark in London trading.

AB