London-listed Tethys Petroleum has received a two year extension on its Akkulka exploration contract which contains the Doris oil discovery in Kazakhstan.
The approval from the Kazakhstan Ministry of Oil & Gas extends the exploration contract from 10 March 2013 until 10 March 2015.
“This is extremely important to the company as it gives us the potential to explore for the considerable resources which we believe exist within the large Akkulka Block as well as to further develop and appraise the Doris oilfield,” said Tethys chief executive David Robson.
Tethys said it would now focus on the AKD-07 exploration and appraisal well which is expected to spud by mid-year.
The well lies to the south-east of the Doris discovery well and will target proven plus possible plus probable reserves at the Cretaceous Aptian sand level in what is believed to be a channel sand system.
Tethys added the well would also target a new exploration prospect named Dyna which it identified on recently acquired seismic data and was interpreted to be part of a different, larger fan system.
Tethys has so far tested an average of over 13,000 barrels per day from exploration and appraisal wells in and around the Doris accumulation and believes a sustainable production level of between 5000 and 6000 bpd can be achieved from the wells already drilled on the Doris field.