April 18, 2011 / 4:09 PM / 7 years ago

UPDATE 1-Tethys Petroleum finds oil at Kazakh well

* Says found commercially viable oil at AKD03 well

* Says oil flows at over 400 bopd

* Shares rise 18 pct (Follows alerts)

April 18 (Reuters) - Tethys Petroleum Limited said it found commercially viable oil at an exploration well in Kazakhstan, sending its shares up as much as 18 percent in morning trade.

The company said recent testing of the AKD03 well in the Greater Doris project flowed at rates of over 400 barrels of oil per day (bopd), with no water being produced and no depletion.

Tethys said its other wells in the region are progressing as planned, with AKD04 expected to reach total depth by early May and AKD05 by the end of May.

Tethys, which has assets in Kazakhstan, Tajikistan and Uzbekistan, aims to increase oil production from the Doris project, with an initial target of about 3,000 bopd by the end of June.

Shares of the company were trading up at C$1.47 on Monday morning on the Toronto Stock Exchange. They touched a high of C$1.60 earlier in the session. (Reporting by Amruta Sabnis in Bangalore; Editing by Don Sebastian)

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