Friday, May 27, 2011
Tethys Petroleum Ltd.
Tethys issued a holding statement with regard to oil being encountered in its Tajik exploration well East Olimtoi EOL09 in order to ensure all pertinent information is available to the market and the Company's stakeholders.
While drilling at a depth of 3,342 meters in sandstones of the Alai formation (a secondary target) there was a strong flow of live oil to the surface accompanied by 33% gas in the drilling mud. After closing of the blowout preventer the well was successfully stabilized and drilling operations have now recommenced.
The oil, which appears to be of medium density, flowed despite drilling with heavy mud (1.57 SG) reflecting a pressure of some 512 atmospheres (7,524 psia) in the reservoir.
The primary target for the well is the Paleogene Bukhara limestone formation and it is planned to set casing prior to entering this zone. The well is exploring an attractive salt induced structure and is planned to reach a total depth of some 3,800 meters.
The well is located in the south-east of Tethys' Contract area, south of the town of Kulob and only some 10 kilometers north-west of the Afghan border. The nearest oilfield in that region is the Beshtentak field some 75 km to the north-west which produces oil from the Bukhara limestone.
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