Tethys Oil AB


Pressmeddelande   •   Okt 11, 2010 09:56 CEST

The Farha South-4 well ("FS-4") in Block 3 onshore the Sultanate of Oman has been completed. The pilot hole was drilled to a depth of 2,039 metres. Both the Barik and the Lower Al Bashir formations were penetrated with oil shows. A horizontal section of 820 metres was drilled in the Barik formation. A pump was installed and production testing was conducted on the horizontal section. The maximum rate achieved with pump during the tests was 3,079 barrels per day of 43 API gravity oil through a 80/64ths (31.75 mm.) choke size. FS-4 will now be connected to the Farha South Early Production System for a long term production test.

The FS-4 well spudded in mid August, and was drilled 740 metres to the south southeast of the Farha South-3 well. Both the Barik and the Lower Al Bashir formations were penetrated with oil shows. Electrical logs were run over these sections, but no testing was conducted in the vertical pilot hole. Two cores from the Barik formation and one core from the Lower Al Bashir formation were extracted. The Barik formation was found at 1,272 metres below ground level. The exploration objective in the Miqrat was drilled without any significant oil shows. A 820 metre horizontal section was drilled in the Barik formation which was logged during drilling.

The rig has been moved to drill the Farha South-5 ("FS-5") well, which is being drilled as a stepout exploration well. The FS-5 well is located 6.8 kilometres northeast of FS-3.

Tethys has a 30 per cent interest in Blocks 3 and 4. Partners are Mitsui E&P Middle East B.V. with 20 per cent and the operator CC Energy Development S.A.L. (Oman branch) holding the remaining 50 per cent.

For further information, please contact
Magnus Nordin, Managing Director, phone +46 8 679 4995; magnus@tethysoil.com
Tethys Oil AB (publ)
Tethys Oil is a Swedish energy company focused on identification and development for production of oil and natural gas assets. Tethys' core area is Oman, where the company is the second largest onshore oil and gas concession-holder with licence interests in three onshore blocks Tethys' strategy is to invest in projects in areas with known oil and natural gas discoveries that have not been properly appraised using modern technology. In this way, high returns can be achieved with limited risk.
The company has interests in licences in Oman, France and Sweden. The shares are listed on First North (TETY) in Stockholm. Remium AB is Certified Adviser.
Website: www.tethysoil.com

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