OMAN BLOCKS 3 AND 4 PRODUCTION CONTINUES TO INCREASE – AVERAGING 4,195 BOPD IN JULY


Test production from the Early Production System (EPS) on Blocks 3 and 4
onshore the Sultanate of Oman continues and amounted in July to 130,057 barrels
of oil, corresponding to 4,195 barrels of oil per day (BOPD). Tethys' share of
the production, before government take, amounts to 30 per cent of the total, or
39,017 barrels. An enhancement of the equipment under the EPS in July,
including an increase in tanker availability, has increased the EPS capacity.


“We are delighted that EPS capacity is increasing while at the same time work
on a permanent production system is continuing,” comments Tethys' Managing
Director Magnus Nordin.

 

Long term production tests have been carried out on wells from both the Saiwan
East oil field on Block 4 and the Farha South oil field on Block 3. Production
rates continue to vary depending on test programme design and available
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).