<p>
<strong>The drilling program onshore the Sultanate of Oman has continued with
the successful drilling and completion of both wells Farha South-7
("FS-7") and Farha South-10 ("FS-10") on Block 3. The wells
have been connected to the Farha South Early Production System (EPS) to be part
of the ongoing long term production test of the area. </strong></p>
<p>
The FS-7 well was drilled as an appraisal well designed to evaluate the Lower
Al Bashair formation, at a location 425 metres southwest of the Farha South-3
well. FS-7 was drilled horizontally in the Lower Al Bashair to a
total measured depth of 2,900 metres A total of 821 metres was
drilled in the formation, of which 450 metres was within oil-bearing
sandstones. A beam pump was installed before the well was hooked up to the
EPS.</p>
<p>
The FS-10 was drilled as a vertical production well through both the Barik and
Lower Al Bashair formations. The drill site is located 800 metres southwest of
the FS-5 well, which produces oil from the Barik formation. The FS-10
encountered the Barik at 1,220 metres depth. A total of 18 metres of
oil-bearing sandstone was drilled in this vertical well. The Lower Barik
section was perforated and put into test production with an electrical
submersible pump. The Upper Barik section was not perforated, and will be
re-entered at a later date.</p>
<p>
The rigs have been moved to drill respectively the wells Farha South-11 and
Saiwan East-8. The FS-11 well on Block 3 is a stepout exploration well located
9 kilometres southwest of Farha South-3. It is designed to explore both the
Barik and Lower Al Bashair formations. On Block 4, the Saiwan East-8 well is
designed as a development well in the Khufai formation. It is planned to be
drilled horizontally, at a subsurface location in between well numbers SE-2 and
SE-3.</p>
<p>
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.</p>
<p>
</p>
<p>
<strong>For further information, please contact</strong></p>
<p>
Magnus Nordin<strong>, </strong>Managing Director, phone +46 70 576 6555;
magnus@tethysoil.com</p>
<p>
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<p>
<strong>Tethys Oil AB (publ)</strong></p>
<p>
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.</p>
<p>
The shares are listed on First North (TETY) in Stockholm. Remium AB is
Certified Adviser.</p>
<p>
Website: www.tethysoil.com</p>
