EXPLORATION WELL MAHA-1 ON BLOCK 3 ONSHORE OMAN TERMINATED- NO COMMERCIAL DISCOVERY

Drilling of the Maha-1 exploration well on Block 3 onshore Sultanate of Oman
has completed. The well encountered oil, but the oil saturation was too low to
be produced. The well has been suspended to enable further studies in the
future.
Maha-1 was drilled southwest of the producing Farha trend in an area not
covered by 3D seismic. The vertical well was drilled to a total depth of 1,465
metres below sea level, encountering the Barik Sand at 1,409 metres. There were
minor oil shows encountered while drilling the Barik. However, the oil
saturation was too low to be produced and a subsequent sidetrack encountered
even less saturation. The well has been suspended to enable further studies in
the future.

"Oil is clearly present in the Maha part of Block 3. However additional seismic
will be required to mature leads to prospect in this area, "comments Tethys
Managing Director Magnus Nordin.  

The drilling programme on Block 3 continues with two rigs currently operating
on wells FS-18 and FS-31 respectively. Both wells are located within the Farha
trend 3D seismic area and are targeting as yet undrilled fault blocks.

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
--------------------------------------------------------------------------------
--------------------------------- 
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).