Oman, Reservs and Contingent Resources, Dec 31, 2019

Tethys Oil’s net working interest Reserves in Blocks 3&4 Oman as per 31 December 2019 amount to 26,112 thousand barrels of oil (“mbo”) of proven and probable Reserves (2P). The 2P reserve replacement ratio amounts to 116 percent. In addition, Tethys Oil’s net working interest resources oil base in Oman amounts to 13,458 mbo of 2C Contingent Resources. The Company’s 2019 and 2018 year-end Reserves reports were audited by ERC Equipoise Limited (“ERCE”) as independent qualified Reserves evaluator.

Development of Reserves, Blocks 3&4, Oman
(audited) (mbo)
1P 2P 3P
Total 31 December 2019 17,336 26,112 36,919
Total 31 December 2018 16,735 25,357 35,884
Production 2018 -4,684 -4,684 -4,684
Additions and revisions 5,285 5,439 5,719
Contingent Resources Blocks 3&4 (audited) (mbo) 1C 2C 3C
Total 31 Dec 2019 5,094 13,458 26,468

The audit of the Reserves in Oman have been conducted using 2018 Petroleum Resources Management System (PRMS2018), sponsored by the Society of Petroleum Engineers (SPE), World Petroleum Council (WPC), American Association of Petroleum Geologists (AAPG) and Society of Petroleum Evaluation Engineers (SPEE).