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From: LoneClone	7/20/2012 8:14:23 PM
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UPDATE - Tethys Petroleum resource upgrade in Tajikistan sees shares surge Thu 3:20 pm by Jamie Nimmo proactiveinvestors.co.uk The upgrade was the result of new seismic and gravity acquisition data. ---adds share price--- Shares in Tethys Petroleum ( LON:TPL, TSE:TPL) surged today after the Central Asia-focused oil and gas explorer revealed a huge resource upgrade in Tajikistan. Tethys said this morning the updated independent report for its Tajikistan assets points to an unrisked mean recoverable resource of 27.5 billion barrels of oil equivalent (BBOE), made up of 114 trillion cubic feet of gas and 8.5 billion barrels of oil and condensate. Back in December last year, Tethys, which also has producing assets in Kazakhstan, told investors it had audited unrisked prospective resources of 1.14 BBOE with 7 trillion cubic feet of gas in place. Shares rose more than 25 per cent today to 51.3 pence. Chief executive Dr David Robson said: “This hugely significant increase in our estimated resources in Tajikistan transforms our prospective resource base. “I believe that these unrisked mean prospective resources are significantly greater than the estimated remaining reserves and unrisked resources in the UK North Sea. “Geological and geophysical work undertaken has shown that Tethys is operating in a world class basin with enormous and untapped potential. "The deep prospects being pursued in Tajikistan have 'super-giant' potential and any exploration success will be transformational for the company. “These additional seismic data will help to identify the location of the first deep, sub-salt well drilled in Tajikistan targeting extremely large prospective resources.” The upgrade was the result of new seismic and gravity acquisition data. The company plans to drill the deep well after all the data is collated and interpreted early next year to tap into the potentially game-changing resource upgrade. The prospects in Tajikistan have never been drilled before but neighbouring countries Uzbekistan and Turkmenistan, which have similar reservoirs, are prolific producers. Tethys believes the geology of the Afghan-Tajik basin echoes that of the nearby Amu-Darya basin, which is one of the most prolific gas/condensate basins in the world. The company is targeting the same stratigraphic horizons in Tajikistan, just below the salt layer. As for funding, Tethys is still in talks with third parties over a possible farm-in deal and it believes this report will drive interest and push the process forward. Tethys now owns an 85 per cent interest in the Bokhtar PSC area following the recent acquisition of an additional 34 per cent from its partner on the project.

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