Tethys Petroleum Stocks Jump on News of 27.5 Billion Barrels of Oil Find

PUBLISHED: 19 Jul 2012 @ 21:00 | Comments (0) | More info about Kenneth G. Mondero

Central Asia-focused oil and gas exploration and production company Tethys Petroleum Limited (LSE:TPL) (TSX:TPL) now holds an estimated 27.5 billion barrels of oil equivalent (boe) from its Tajikistan, the company announced today.

The latest estimate is a sharp increase in the previously estimated prospective resource of about 1.14 billion boe buried within the same basin as the super-giant gas fields in nearby Turkmenistan and Uzbekistan.

The independent report stated Tethys’ 35,000-square kilometre asset in the Central Asia country has gross unrisked mean recoverable prospective resource of 114 trillion cubic feet of gas and 8.5 billion barrels of oil condensate.

Shares of Tethys jumped 36.6% on the London Stock Exchange, gaining 15 pence to 56 pence by 12:00 PM GMT, in a positive response to the development.

Enormous and Untapped Potential

“Tethys is operating in a world class basin with enormous and untapped potential,” stated Tethys’ Chairman, President, and Chief Executive Officer, Dr. David Robson.

“I believe that these unrisked mean prospective resources are significantly greater than the estimated remaining reserves and unrisked resources in the UK North Sea.”

The company’s Tajikistan licence, the first in the country, lies within the greater Amu Darya basin, home to giant and supergiant fields in adjacent countries Turkemistan and Uzbekistan, including the fifth largest oilfield in the world, the South Yotolan field.

Energy independence has been a top priority of the Tajik Government as the country is heavily dependent on imports, accounting for 90% of all its oil and gas needs.

The final stage of the seismic programme is expected to be completed by the fourth quarter of 2012 and will be used as basis for the first deep well to be drilled by the company.

The Bokhtar Production Sharing Contract is 85% controlled by Tethys through a joint venture, with the remaining 15% stake owned by private Tajikistan-based Sangam Limited.

Company Spotlight

Tethys Petroleum Limited focusses its oil and gas exploration activities in Central Asia, particularly in Kazakhstan, Uzbekistan, and Tajikistan.

The company’s capital stocks are traded on three exchanges, namely: Toronto, London, and Kazahkstan Stock Exchanges.

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