Tethys abandons well and shares drop

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LONDON (ShareCast) - Tethys, an oil and gas exploration and production company focused on Central Asia (Other OTC: CSRUF.PK - news) , said it had suspended operations at one of its wells, causing shares to fall sharply.

The firm said testing had now been temporarily suspended at its AKD07 well while further options were being evaluated, one of which is to bring in a pump to lift the well.

"During the initial testing of this zone no formation oil was recovered after perforating, although hydrocarbons were indicated from the wireline logs," the statement said.

"Further extraction of formation fluids is required to fully ascertain the oil potential of the Jurassic
carbonate potentially requiring pumping and/or acidisation."

However, Tethys added that as there was no pump available there were no immediate plans for such testing.

The company's shares fell 10.6% following the news.

MM