Tethys Oil Discovers Oil Bearing Structures in Oman

Swedish oil firm Tethys Oil has reported the discovery of three new oil bearing structures in the Farha South field within its Block 3 concession onshore Oman. In a statement, Tethys Oil said, a total of 10 wells were completed during the second quarter of 2012. Of these, three wells were drilled into the Barik reservoir of previously undrilled fault blocks resulting in the discovery of three new oil bearing blocks. As at June 30, a total of 14 fault blocks are in production with more planned to be drilled later this year, the company said.

Five production wells were drilled and completed in previously drilled blocks to increase production and two water injections wells were drilled and completed. The drilling programme is continuing with two rigs in operation. During the coming months increased focus will be on exploration, with exploration wells to be drilled also in Block 4.

"The second quarter saw a 100 per cent success rate when drilling new fault blocks. Out of three drilled three were found to be oil bearing. Again 3D seismic proves to be the key to success. We are hopeful that these new discoveries will have a material impact on our resources/reserve base, and we have asked our independent auditors DeGolyer and MacNaughton to make an updated audit as per June 30. We expect to announce this study in August," Tethys Managing Director Magnus Nordin stated.

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

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