The exploratory well KBD-03 has been perforated and has generated commercial inflow in the Jurassic zone. The initial production as of (
The AKK-28 shallow gas well has commenced testing and has been producing at a rate of 35,000 cubic meters per day using an 8 mm choke. Similar to AKD-12, this well is part of license #265. Permission to produce under this license is under application with an expectation of an announcement in late Q1 or early Q2 of 2022. A decision has not yet been made whether it will be necessary to build a new gas pipeline to this area or whether to use existing facilities (with the tradeoff risk being that this pressure could displace some existing production from other wells).
Tethys is applying for a pilot license to produce oil from the Klymene field. The production area classified as C-1 includes three wells (KBD-02, KBD-06 and KBD-07). Other Klymene wells outside of this area are considered exploratory and are able to produce for 90 days per zone under the testing procedure. After the test period, the wells are then required to be shut-in pending license approval. KBD-06 was recently completed with encouraging signs from the logs. The plan is to test this well when allowed upon the issuance of the pilot license. KBD-07 has not been drilled but is expected to be spudded soon (along with KBD-08). There are two primary Committee approvals necessary for the pilot license to be issued. The Committee has granted the first approval but reduced the allowed amount of production under the license to approximately 180,000 tons of oil during the pilot license period. Management estimates this production at approximately 395 tons/day during the period (ending
About Tethys
Tethys is focused on oil and gas exploration and production activities in
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