Tethys reserves in Kazakhstan see sizable increase

March 21. Universal Newswires

Tethys reserves in Kazakhstan see sizable increaseCentral Asia-focused Tethys Petroleum on Wednesday increased estimates of its proved oil and gas reserves in Kazakhstan by nearly 100 percent.

The Canadian company also increased by 45 percent its estimated proved and probable reserves in the vast Central Asian country.

The revisions concluded a successful drilling campaign at its Doris and Dione resources in Western Kazakhstan, Tethys said in a statement.

The new estimate increased 1P (proved) reserves by 96 percent to total 14.5 million barrels of oil equivalent (BOE).

The report also revised 2P (proved and possible) reserves upwards by 45 percent to 25.3 million BOE.

Of that, proved crude reserves were up 108 percent to 5.8 million barrels, while probables rose by 62 percent to 12.5 million barrels.

Tethys newly estimated its 1P gas reserves at 52.5 billion cubic feet, an 89 percent rise, and its 2P gas reserves by 31 percent to 76.7 cubic feet.

“We are still in the early stages of appraising and exploring this attractive oil discovery and we look forward to further success with this year’s program based on our new seismic analysis and better geological understanding of the area,” Tethy’s CEO David Robson said in the statement.