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KUL03 well in the Kul-Bas area yields no gas flow - Tethys Petroleum
Almaty, December 30 2008
Despite the indication of gas during drilling, the initial testing on the KUL03 exploration well in the Kul-Bas area has not yielded gas flow to surface, Tethys Petroleum Limited said.
"The AKD01 deep exploration well on the Akkulka Block has commenced drilling but extreme weather conditions has slowed down activities. In addition during shake down testing of the drilling system it has become necessary to replace certain components which are now being supplied from the factory," the company said in a press release. As this is a new rig, and the AKD01 well is the first well drilled by this unit, such run-in problems might be expected but as the Company is drilling the first section of this well without external services such delays are at minimal cost, the company added.
Tethys (registered in Guernsey, Channel Islands) is a joint stock company for oil and gas exploration and production. The company sells its shares mainly at the Toronto Stock Exchange.
Tethys has its subsidiaries in Kazakhstan (Tethys Services Kazakhstan LLP, BN-Munay LLP, Kul-Bas LLP and TethysMunayGas LLP) and in Tajikistan.
Tethys is focused on oil and gas exploration and production activities in Central Asia with activities currently in the Republics of Kazakhstan and Tajikistan. This highly prolific oil and gas area is rapidly developing and Tethys believes that significant potential exists in both exploration and in discovered deposits.