CONTINUED SUCCESSFUL DRILLING IN OMAN – THREE NEW OIL BEARING FAULT BLOCKS DISCOVERED


On the Farha South field on Block 3 onshore Oman, a total of 10 wells were
completed during the second quarter 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 2012, a total of 14
fault blocks are in production with more planned to be drilled later this year.


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% 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," comments Tethys Managing
Director Magnus Nordin.

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 70 576 6555; magnus@tethysoil.com

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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
the Sultanate of Oman, where the company is the second largest onshore oil and
gas concession-holder with licence interests in three onshore blocks. Tethys
also has licences onshore France, Lithuania and Sweden. 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 shares are listed on First North (TETY) in Stockholm. Remium AB is
Certified Adviser.

Website: www.tethysoil.com

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).