The Kul-Bas contract area surrounds the Akkulka contract area where the company has recently made the AKD01 ‘Doris’ oil discovery and where the work is currently underway to appraise this oil discovery and explore the surrounding area.
The original contract terms involved a six-year exploration period with relinquishments (after which all areas outside commercial discovery areas would be relinquished) and a 19 year production period, which could be extended.
The extension to the exploration period gives Tethys an additional two years to explore this area that has several prospects and leads and with an oil system in the Akkulka block, which is surrounded by the Kul-Bas area.
