TPL: Promising Start in Kazakhstan

STEPHANE FOUCAUD, FirstEnergy Capital (03/29/2011)
"In its reserves report published on Friday March25, Tethys on AKD01 booked 8.2 Mbbl. proven plus probable [1P] and 27.0 Mbbl. proven plus probable plus possible reserves [3P] associated to the AKD01 well in Kazakhstan. . .the fact these volumes appear to be recoverable from a single well highlights the quality of the asset. With an estimated year-end 2011 EV of US$375M, the NPV 15% for the 3P reserves of US$376.6M highlighted in the annual report would suggest that the market does not attribute any value to the ongoing drilling program that is targeting up to an estimated 900 Mbbl. prospective resources in Kazakhstan."

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