The Kul‐Bas block is a large exploration area of approximately 7,632 sq. km. There is already reasonable seismic coverage over the area and the Company has reprocessed these vintage data as well as acquiring and interpreting over 700 km of new 2D seismic here and the Akkulka block identifying several prospects at both shallow and deeper levels. The Kalypso (KBD01) wildcat exploration well is the first deeper exploration well drilled by Tethys on the Kul-Bas block. The well is located on a large structure some 50 km to the north west of the Doris discovery well. The well reached total depth in September 2011, with electric logs being run and indicating two potential Jurassic targets and some potential 100m of gross pay from a depth of 4,128 metres in what is interpreted to be Carboniferous limestones. This zone is most likely to require acid and fracture stimulation, a common completion process implemented in similar fields in the area. The well will undergo a comprehensive testing programme on both the Carboniferous and Jurassic horizons following agreement and approvals from the appropriate Kazakh authorities.