NEW WELLS AND NEW OIL DISCOVERY ON BLOCK 3 ONSHORE SULTANATE OF OMAN


The drilling program onshore Block 3 in the Sultanate of Oman continues. On the
Farha trend, the FS-17 well encountered yet another oil bearing fault block.
Four additional production wells have also been drilled on the Farha South oil
field. Outside the Farha trend on Block 3, the exploration well Maha-1 has
spudded.


Exploration well Maha-1

The exploration well Maha-1 has spudded. The well is being drilled 1.5 km south
east of the Farha South-11 producing fault block. Primary drilling target is
the Barik sandstone formation at a depth of around 1,500 metres. Drilling, and
testing operations if warranted, are expected to last three to five weeks.

Exploration/appraisal well Farha South-17

Farha South-17 ("FS-17") was drilled as a vertical exploration/appraisal well
targeting the Barik formation on the Farha trend. The drill site is located 1.1
km east of FS-16 in a previously undrilled fault block. The well was drilled to
a total depth of 1,246 metres and encountered more than 32 metres of net pay in
the Barik. This is the thickest section encountered to date along the trend.
FS-17 has been hooked up the Early Production System ("EPS").

Four new production wells on Farha South Field

Four new production wells have been drilled and completed in previously drilled
and known oil bearing fault blocks on the Farha South oil field, the FS-21,
FS-22, FS-23 and FS-24 wells. The wells encountered oil and were successfully
completed in the Barik section. All four wells have been connected to the EPS.

About the EPS

Long term production tests are being carried out on wells from both the Saiwan
East oil field on Block 4 and the Farha South oil field on Block 3. The
production rates from the EPS will continue to vary, depending on both the test
programme design as well as on transport and facility capacity.

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 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).