Tethys separates CEO, CFO roles
Tethys Petroleum Ltd.’s non-executive chairman, Bill Wells, has assumed the role of executive chairman and chief executive officer. Clive Oliver, who has acted as chief executive officer since September 2018, in addition to chief financial officer and corporate secretary, will continue in these other roles.
Tethys has been restructured where operational management for the Kazakhstan operations has almost completely been transferred to the main operating subsidiary, TethysAralGas LLP (TAG).
The transition from Oliver as chief executive officer and chief financial officer to Wells as chief executive officer and Oliver as chief financial officer is due, in large part, to TSXV’s requirement that two roles be separated, the company said. The change in listing to the TSXV is required as part of the anticipated issuance of convertible debenture.
Kul-Bas exploration
The company is reviewing information on the Kalypso (KBD-01) well on the Kul-Bas Block 50 km northwest of the Doris oil discovery in the North Ustyurt basin in Kazakhstan to understand why it was not productive. The well was drilled to a depth of 4,500 m in the central part of the geological allocation in the second block of the Upper Permian sediments. The well location was identified from prior seismic exploration interpretation in the Kul-Bas territory and drilling was completed in September 2011. In 2013, the company concluded that further work was not worth pursuing because the rocks were too tight to have any chance of producing without a long lateral horizontal well with multi-stage fractures that would cost more to drill than could be recovered (OGJ Online, Oct. 18, 2013). At the end of January 2014, work on the well ceased.
The company completed the drilling of Klymene (KBD-02) in late 2019 to a depth of 2,750 m and is currently testing the well. Testing was delayed during the winter weather months and due, in part, to poor access roads to the remote well-site. It currently anticipates the final testing and a further announcement being made in mid to late April.