Tethys Petroleum: Proven Reserves Up 18%
Tethys, the exploration and production Company focussed on Central Asia, is delighted to announce the result of an updated Independent Reserves Report, which has been prepared by Gustavson Associates with an effective date of December 31, 2014. The report meets the expectations of the Canadian Oil and Gas Evaluation Handbook in accordance with the requirements of National Instrument 51-101, Standards of Disclosure for Oil and Gas Activities of the Canadian Securities Administrators.
Highlights
— Production of 0.84 million barrels of oil (MMbbl) and 4.07 billion standard cubic feet of total gas (BCF) in 2014
— Increase in remaining gross reserves(1) in all three categories at December 31st 2014 over December 31st 2013
— Proven reserves (1P) of 16.62 million barrels of oil equivalent (BOE), up 18% from 2013, represents the highest volume in the history of the company in this reserves category
— Reserves Replacement Ratio (RRR) of 163% for the 1P category
— Proven and probable reserves (2P) of 27.08 million BOE, up 7% from 2013
— Reserve increases driven by the successful 2014 gas well development drilling program, and production performance above 2013 expectations
Comment
David Roberts, chairman of the Reserves Committee, commented: ‘The Reserves Committee is very satisfied with the results contained in the annual independent review by Gustavson Associates, delivered earlier than in previous years. The growth in booked reserves is a reflection of excellent work in prospect maturation by the Tethys exploration team led by its Vice President Rosemary Johnson-Sabine OBE, and our Kazakhstan field operations staff under the stewardship of the Chief Operating Officer, Graham Wall.
Tethys’ plans for 2015 include the maturation of exploration prospects, monetizing gas prospects through development drilling, and increased focus on field equipment reliability. We look forward to building on the figures in the Gustavson report during 2015, and with the reserves update concluded, we intend to issue a new corporate presentation in the coming days.’