Tethys Petroleum Limited announced 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 over 400 million barrels. The report was commissioned on the "Klymene" prospect which is located in the Kul-Bas Exploration and Production 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 2 of 3 prospective stratigraphic levels within the Cretaceous and Jurassic sequence, both of which are productive in the company's Doris oilfield some 60 km 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 south-west of the acreage which means structures in the west of Tethys' acreage are equally likely to hold oil than those in the east. 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 totaling some 422 million barrels of oil.

This prospect will be tested with a new exploration well to be spudded mid-year 2014.