Wednesday, May 16, 2012 -
Tethys Petroleum, an oil and gas firm with a focus on Central Asia, said Wednesday it has gained a new oil field in Uzbekistan.
The Chegara field, located nine miles from Tethys’ North Urtabulak project has strong potential to boost the company’s overall production, it said in a statement.
Uzbek authorities granted the firm a 25-year production enhancement contract for Chegara.
“We believe the Chegara group of fields has good potential through increasing production in existing wells and also large upside in undrilled areas,” said Tethys chairman David Robson.
The Canadian company announced at the same time it inked a tentative agreement with Uzbek state-run Uzbekneftegaz to explore a block in the North Usyturt basin.
In a separate statement earlier Wednesday, Tethys said its resources in Kazakhstan were higher than earlier estimated and amounted to 1.17 billion barrels of oil. The announcement attributed the resource increase to new data from exploration drilling and interpretation of seismic analysis.
On Tuesday, Tethys posted first quarter 2012 results showing a rise in revenues of 45 percent to $6.49 million, year-on-year. The strong showing was mainly attributed to an increase in production to 5,117 barrels of oil equivalent per day in Q1 2012, from 4,531 in the comparable period a year earlier.