Reserves and Contingent Resources

Oman, Reservs and Contingent Resources, Dec 31, 2019

Tethys Oil’s net working interest Reserves in Blocks 3&4 Oman as per 31 December 2019 amount to 26,112 thousand barrels of oil (“mbo”) of proven and probable Reserves (2P). The 2P reserve replacement ratio amounts to 116 percent. In addition, Tethys Oil’s net working interest resources oil base in Oman amounts to 13,458 mbo of 2C Contingent Resources. The Company’s 2019 and 2018 year-end Reserves reports were audited by ERC Equipoise Limited (“ERCE”) as independent qualified Reserves evaluator.

Development of Reserves, Blocks 3&4, Oman
(audited) (mbo)
1P2P3P
Total 31 December 201917,33626,11236,919
Total 31 December 201816,73525,35735,884
Production 2018-4,684-4,684-4,684
Additions and revisions5,2855,4395,719

Contingent Resources Blocks 3&4 (audited) (mbo)1C2C3C
Total 31 Dec 20195,09413,45826,468

The audit of the Reserves in Oman have been conducted using 2018 Petroleum Resources Management System (PRMS2018), sponsored by the Society of Petroleum Engineers (SPE), World Petroleum Council (WPC), American Association of Petroleum Geologists (AAPG) and Society of Petroleum Evaluation Engineers (SPEE).

 

Related information

Calculation of reserves

About Tethys Oil

Tethys Oil is a Swedish oil company with focus on onshore areas with known oil discoveries. The company’s core area is the Sultanate of Oman, where it holds interests in Blocks 3&4, Block 49 and Block 56. Tethys Oil has net working interest 2P reserves of 26.1 mmbo and net working interest 2C Contingent Resources of 13.5 mmbo and had an average oil production of 12,832 barrels per day from Blocks 3&4 during 2019. The company’s shares are listed on Nasdaq Stockholm (TETY). Website: www.tethysoil.com