Tethys Petroleum Set to Double Production
Petroleum (TSX: T.TPL, Stock Forum) Friday announced it has completed the first shipment of commercial oil Production through its Aral Oil Terminal at Shalkar in Kazakhstan. The oil storage and rail loading facility was built to connect the company's Doris oilfield to the Kazakh rail system.
Tethys said the Aral Oil Terminal will enable an initial doubling of Production to about 4,000 bopd, as well as increase efficiency, reduce transportation costs, which should result in a higher oil price. The company expects Phase 2 to provide additional capacity to further increase Production to 5,000-6,000 bopd by the second half of 2012.
"The first shipment of Doris crude oil through the Aral Oil Terminal is a milestone event for the Company enabling higher Production levels, which will significantly transform the cash flow of the Company. We look forward to further drilling success this year and to steadily increasing the throughput of the terminal," said Tethys CEO and President Dr. David Robson.
Tethys Petroleum is an oil and gas exploration and Production company focused on Central Asia with activities currently in the Republics of Kazakhstan, Tajikistan, and Uzbekistan. Its shares have gained 64% so far in 2012 to its current price of 85 cents.
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