Tethys Petroleum announced in a press release it has received an updated oil resource report for a new prospect in Kazakhstan with total unrisked mean recoverable oil resources being estimated independently at more than 400 MMbbl.

The report was commissioned on the Klymene prospect, which is located in the Kul-Bas E&P contract to the west of the current producing assets in the Akkulka exploration contract. The prospect was identified from recently acquired and interpreted seismic and indicates a four-way closure with bright spots at two of three prospective stratigraphic levels within the Cretaceous and Jurassic sequence, both of which are productive in the company’s Doris oil field some 60 km (37 miles) to the east.

Additional regional geophysical work carried out by Tethys and other companies operating in the region has concluded the source for the oil-filled structures of Tethys’ producing assets is most likely to the southwest of the acreage. This means structures in the west of Tethys’ acreage are equally likely to hold oil than those in the east, according to the release. This work led to the recent additional seismic being acquired in the western areas and the identification of this new prospect.

The report estimates gross unrisked mean prospective recoverable oil resources for the Klymene prospect total some 422 MMbbl of oil. This prospect will be tested with a new exploration well to be spudded mid-year 2014. The resource report was prepared by Gustavson Associates and has been prepared in accordance with the reporting requirements of NI 51-101 adopted by Canadian securities regulatory authorities, according to the release.