The Oil Ministry of Kazakhstan has agreed to extend Tethy’s Petroleum’s Kul-Bas exploration and production contract by another two years for further exploration of the block.
Kul-Bas block covering an area of 7,632km² surrounds the Akkulka block which holds Tethy’s producing oil and gas fields.
Tethy’s is expecting to utilize the extended period to explore the Kul-Bas block which is said to have several prospects and leads with proved commercial oil and gas system in the Akkulka area.
The Kul-Bas block contains a wild cat well, KBD01 (Kalypso) well, drilled by the company 50km to the north west of the Doris discovery well is to be tested later in the year.
Kalypso well has intersected many hydrocarbon intervals during the drilling.
The extension of the contract will last until 11 November 2015 and subject to registration of a suitable addition to it.