Reserves and Contingent Resources

Oman, Reservs and Contingent Resources, Dec 31, 2018

Tethys Oil’s net working interest Reserves in Blocks 3&4 Oman as per 31 December 2018 amount to 25,357 thousand barrels of oil (“mbo”) of proven and probable Reserves (2P). The 2P reserve replacement ratio amounts to 177 percent. In addition, Tethys Oil’s net working interest resources oil base in Oman amounts to 12,533 mbo of 2C Contingent Resources. The Company’s 2018 and 2017 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 201816,73525,35735,884
Total 31 December 201715,55922,04432,414
Production 2018-4,295-4,295-4,295
Additions and revisions5,4717,6087,765

Contingent Resources Blocks 3&4 (audited) (mbo)1C2C3C
Total 31 Dec 20185,47212,53324,767

The audits 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. Tethys Oil's core area is Oman, where the company holds 2P Reserves of 25 mmbo and 2C Contingent Resources of 13 mmbo and had an average oil production of 11,767 barrels per day from Blocks 3&4 during 2018. Tethys Oil also has onshore exploration licences in Lithuania and France and some production in Lithuania. The shares are listed on Nasdaq Stockholm (TETY).