Tethys Services Limited is part of the Tethys Petroleum Group of Companies (“Tethys”, or the “Company”). Tethys Petroleum is an oil and gas exploration and production company listed on the main board of the Toronto Stock Exchange (“TSX’) in Canada, and on the Kazakhstan Stock Exchange (KASE: GG_TPL_).
Tethys is focused on the prolific sedimentary basins of Central Asia and the Caspian Region, with its current projects in Kazakhstan, Tajikistan and Uzbekistan. It is the only independent oil and gas company operating in all three of these former Soviet Republics. The Company’s staff have proven expertise and experience in applying modern techniques and technologies in rehabilitation of existing fields, exploration and production. Tethys owns and operates its own drilling and workover equipment including a 7,000 metre capable drilling rig and related equipment.
It is the Tethys Strategy to look for oil and gas basins with early cash flow potential and large exploration upside, currently focused on Central Asia.
In Kazakhstan, the Company has made what it believes to be a significant oil discovery (“Doris”) with initial flow rates in excess of 6,800 bopd being recorded. An appraisal programme is underway as well as further exploration in the area. The Company continues to develop and currently produces up to 40 MMcf/d of gas from shallow gas deposits at Kyzyloi and Akkulka just to the west of the Aral Sea with this being one of the first dry gas developments in Kazakhstan.
In Uzbekistan, Tethys is the only Western oil and gas, exploration and production company currently operating in the country. Tethys owns the contractor interest in the Production Enhancement Contract (“PEC”) relating to the North Urtabulak oilfield in the Kashkadarya region of southern Uzbekistan and is currently producing oil from this field. Modern techniques, such as radial drilling and horizontal drilling, are being applied to this field in order to further increase oil production. Tethys believes this is the first time the radial drilling testing technique is being applied in the region. Tethys is actively looking for other projects (both exploration and development) to further develop its business in Uzbekistan. The Company has signed an MOU in September 2010 with Uzbekneftegas significantly enhancing these efforts.
In Tajikistan, Tethys’ subsidiary, Kulob Petroleum Limited, has the only Production Sharing Contract (PSC) in the country, covering an area of approximately 35,000 km2 of south-western Tajikistan. Exploration and re-development activities are now well underway in this large and potentially very attractive extension of the prolific Amu Darya basin. Current activities include the first directional drilling for natural gas under the capital city of Dushanbe and an extensive seismic programme to gather data for future drilling for deeper high potential targets. The Company has also commenced limited oil production from its Beshtentak field and is drilling an exploration well in the south of its contract area. Significant results of radial drilling programme in Uzbekistan encourage the Company to shortly introduce this technique in Tajikistan as well.
Tethys is actively seeking new projects in Central Asia to expand its business beyond the areas of its current operations and the Company is discussing potential opportunities in its focus area with the governments and NOC’s of those countries.
Company Name: Tethys Services Limited
Address: University House, 11-13 Lower Grosvenor Place, London SW1W 0EX, United Kingdom
Telephone: +44 207 8216128
Fax: +44 207 8210612
Contact: Veronica Zhuvaghena – Manager Corporate Communications