Tethys Petroleum receives govt approval for Doris oil production project in Kazakhstan
Jan 11. Proactive Investors
Central Asia-focused Tethys Petroleum (TSX: TPL) announced Tuesday that it has received Kazakh State approval for its Doris oil pilot production project on the Akkulka field.
The approval gives the company the right to produce oil on the field during the exploration period, and allows Tethys to install and operate production facilities for the planned 3,000 to 4,000 barrel of oil per day target – planned for the second quarter of this year.
Currently, the company is producing at the site under a “test production” at a permitted level of 750 barrels of oil per day. Once this pilot program is complete, Tethys will apply for a production contract, allowing for full field development and foreign or domestic sales. This process is expected to begin by year-end.
At Doris, both the 3D and 2D seismic acquisition programs have been completed, with the next two appraisal wells to be drilled at the site in early February. Several new exploration targets have already been identified, Tethys said.
The company has hired an independent company to produce a new resource report at the Doris discovery, anticipated to be completed in the second quarter of this year.
Tethys also has oil and gas exploration and production activities in the Republics of Tajikistan, and Uzbekistan.
Tethys Petroleum Limited’s strategy is to create shareholder value by building an oil and gas exploration and production company focused on Central Asia in areas with substantial oil and gas potential, building on the strengths of its management team and with a mix of short-term cash flow and upside potential. Currently Tethys has projects in Kazakhstan, Tajikistan and most recently Uzbekistan. Tethys is listed on the Toronto Stock Exchange in Canada and on the Kazakhstan Stock Exchange (KASE: GG_TPL_)