- Kul-Bas LLP, a subsidiary of Tethys Petroleum Ltd. (TPL), has obtained approvals to operate under the pilot license program at its Kul-Bas field in Kazakhstan
- Kul-Bas LLP has been approved to produce 180,000 tons of oil prior to the expiration of the pilot license in December 2022
- The pilot license allows for a maximum of 57,450 tons of oil to be produced in 2021
- The pilot license will include three wells: KBD-02, KBD-06, and KBD-07
- A sale of 38,000 tons has been completed with additional deliveries being made against the contract
- Tethys Petroleum Ltd. (TPL) is up 9.375 per cent and is trading at $0.70 per share at 3:40 p.m. ET
Tethys Petroleum Ltd. (TPL) subsidiary Kul-Bas LLP has obtained approvals to operate under the pilot license program at its Kul-Bas field in Kazakhstan.
Kul-Bas LLP has been approved to produce 180,000 tons of oil prior to the expiration of the pilot license in December 2022. The pilot license allows for a maximum of 57,450 tons of oil to be produced in 2021.
It will include the following three wells during this period: KBD-02, KBD-06 and KBD-07.
A sale of 38,000 tons has been completed with additional deliveries being made against the contract.
The KBD-02 well was productive from three reservoirs during its test period.
The current average production rate of the well is around 1,300 barrels of oil per day (bopd) using a 9-millimetre choke.
Production from KBD-06 well began on October 15 and reports show that the oil quality is high, the pressure is very good and at present no water has been found in the collected oil samples.
The current production rate of the well is approximately 1,200 bopd. This well is anticipated to produce from the Barremian Stage.
KBD-07 well is approximately 600 metres southeast of KBD-02.
Drilling of this well was commenced on October 8 and is estimated to take about 60 days until it is completed and tested.
Kul-Bas LLP plans to have the three wells in the pilot license area producing from different reservoirs.
Tethys Petroleum Ltd. (TPL) is up 9.375 per cent and is trading at $0.70 per share at 3:40 p.m. ET.