TESTING OPERATIONS RESUME ON BLOCK 15, JEBEL ASWAD, ONSHORE OMAN – LICENCE EXTENDED FOR 3 YEARS

Testing operations on Block 15 onshore Oman have resumed. A jet pump has been
installed in the JAS-2 well in an attempt to clear the well from water an
enable it to flow hydrocarbons. The Block 15 license has been extended for
three years, until October 2014.
The JAS -2 well, drilled in 2008, showed the same log response while drilling
as the JAS-1 drilled in 2007. Whereas the JAS-1 well flowed reasonable
quantities of gas and condensate, the JAS -2 well however, tested only water.
Subsequent analysis of JAS -2, including a comprehensive logging program in
2010, suggests that the water comes from a system of fractures located at the
far end of the 927 metres horizontal section. Indications are that the fracture
system is limited with finite volumes of water. The test now being conducted,
will attempt to pump off the water and enable the well to flow hydrocarbons.

The Block 15 license has been extended until October 2014 with a minimum work
programme consisting of among others additional seismic studies and the
drilling of one more well.

Tethys has a 40 per cent interest of Block 15. Odin Energi A/S holds the
remaining 60 per cent  and is operator.

 

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).