May 27, 2011 / 1:43 PM / 8 years ago

UPDATE 2-Tethys Petroleum finds oil at Tajik well; shares jump

* Finds oil at East Olimtoi EOL09 well in Tajikistan

* Oil of medium density with 33 pct gas in drilling mud

* Shares up 13 pct (Follows alerts)

May 27 (Reuters) - Tethys Petroleum Ltd said it found oil at a secondary exploration target at one of its wells in Tajikistan, sending its shares up as much as 13 percent in morning trade.

The company, which has assets in Kazakhstan and Uzbekistan as well, said recent drilling at the East Olimtoi EOL09 well flowed oil of medium density along with 33 percent gas in drilling mud.

The company has tested production of 6,800 barrels of oil per day from its assets in Kazakhstan and is carrying out exploration at its Tajik and Uzbek properties.

Shares of the company were among the top percentage gainers on Toronto Stock Exchange on Friday. They touched a high of $1.36 before paring some gains to trade at C$1.28, up about 7 percent. (Reporting by Maneesha Tiwari in Bangalore; Editing by Maju Samuel and Joyjeet Das)

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