It is expected that the FOA for the Company's Tajik assets will be completed in Q2 2013. The Tajik Government has approved the participation of subsidiaries of Total and CNPC in the Bokhtar Production Sharing Contract and remaining points are now being finalized. All three parties are working hard jointly to achieve closing as soon as possible.
As part of the transaction, the new Joint Operating Company will present a comprehensive work programme upon completion of the FOA for the remainder of 2013.
In Kazakhstan in 2013, the Company plans to drill up to three wells targeting oil on the Akkulka Exploration Contract area.
The first well is firm and is expected to commence drilling in June 2013 and will target the Doto prospect nearby to the Doris oil discovery. This well has a relatively low risk in the exploration portfolio and is targeting mean unrisked prospective recoverable resources of 21.6 MMbbls (Gustavson Associates) in the Cretaceous and Upper Jurassic.
Following the increase in gas price in early 2013, further work will be carried out to increase production including workovers on the AKK05 and AKK14 wells in Q2 which will be tied in to the gas pipeline thereafter. A further programme will follow to include tie-in of additional wells and the drilling of further shallow gas exploration prospects in the area which are clearly defined on the seismic data as strong amplitude anomalies.
It is planned to test (including acidisation) the previously drilled KBD01 ("Kalypso") well, which contains a 100 metre (328 feet) gross section in Permo-Carboniferous limestones which is interpreted to contain moveable hydrocarbons based on wireline logs and mud log data. It is also planned to acquire additional seismic this year on the Kul-Bas and Akkulka Contract Areas.
The activities planned in Kazakhstan as described above are contingent on availability of funding, and the Company will provide a more detailed capital programme breakdown on closing of the Tajikistan farm-out, which is expected in Q2.
The full Annual Results together with a Management Discussion & Analysis and Annual Information Form have been filed with the Canadian securities regulatory authorities. Copies of the filed documents may be obtained via SEDAR at www.sedar.com or on Tethys' website at www.tethyspetroleum.com. The summary financial statements are attached to this press release.
The Company's 2012 financial statements are prepared under International Financial Reporting Standards ("IFRS").
The above highlights along with other operational and financial details will be further discussed in a scheduled conference call. Details of the conference call can be found below:
A conference call will be held at 10:00 Eastern Daylight Savings Time (15:00 British Summer Time) on Tuesday, April 2, 2013. The North American conference call number is 866-515-2912 and the outside North America conference call number is +1 617-399-5126. The conference call code to use is 50738618. Please call in about 10 minutes before the starting time in order to be patched into the call.
The call is being webcast and can be accessed at:
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