Successful exploration well onshore Lithuanian


The drilling of the Tidikas-1 exploration well on the Raseiniai licence
onshore Lithuania has been successfully completed. The well encountered
a combined oil column of almost 50 metres in two different lime stone
formations and flowed oil to surface during drill stem tests. The well
will be put on a long term production test.


Tidikas-1 was drilled vertically to the Cambrian sandstone at a measured
depth of 1,413 metres and cores were taken from Silurian and Ordovician
limestones, marl and dolomites. Tidikas-1 was the second well drilled in
2015 on the licence. The Bedugnis-1 well, which was completed in August,
was drilled vertically to a total measured depth of 1,067 meters and
recorded oil shows while drilling but no oil flowed to surface. Both
wells were targeting Silurian reefs and carbonate features mapped by an
80 square kilometres 3D seismic study completed in 2014.

 

“We are quite encouraged by the well results so far. There are now clear
indications that an active petroleum system exists within the Raseiniai
licence. We are looking forward to the results of the long term
production tests from Tidikas-1 and the analysis of the cores from both
Tidikas-1 and Bedugnis-1”, says Magnus Nordin, Managing Director of
Tethys Oil AB.

 

The location of further wells on the Raseiniai licence will be
determined after more information has been gained through the long term
production test of the Tidikas-1 well and the analysis of the cores.

 

The Raseiniai licence covers 1,535 square kilometres onshore Lithuania.
Tethys Oil has a 30% indirect interest in the licence.

 

For further information, please contact

Magnus Nordin, Managing Director, phone +46 8 505 947 00

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The information in this press release has been made public by the
Company in accordance with the Securities Market Act and/or the
Financial Instruments Trading Act.

 

Tethys Oil AB (publ)

Tethys Oil is a Swedish energy company focused on exploration and
production of oil. Tethys Oil’s core area is the Sultanate of Oman,
where the company is one of the largest onshore oil concession holders
with a current net production of approximately 10,000 barrels of oil per
day. Tethys Oil also has exploration and production assets onshore
Lithuania and France. The shares are listed on Nasdaq Stockholm (TETY).

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).